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The 80 20 Rule Explained (a.k.a. Pareto Principle) | Brian Tracy
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Make Dream a Reality
A dream is the root of all success, for having a dream does not limit you on what you can do. Successful people allow themselves to lean back and imagine the kind of life that is possible for them.
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Keys to Living Without Limits
Clarity. Have a clear vision of your desires and future to help you stay focused on your goals.
Competence. Commit yourself to doing something that enables you to become better at doing the most important things in your field.
Concentration. Persevere, without diversion or distraction, in a straight line toward accomplishing your goals.
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Identifying Productivity Constraints
What restraints you from achieving your goals? Are they learned feelings of helplessness? Or are they just simply excuses? Remember, whatever you have learned, you can unlearn.
If your real goal is to dream big dreams and to live without limits, you can set this as your standard and compare everything that you do against it.
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“When your goals are clear, you will come up with exactly the right answer at exactly the right time”
Brian Tracy
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Applying the 80/20 Rule in Goal Setting
- Assess your goals. Work on the most valuable all the time.
- Work on the tasks with the greatest impact.
- Think like a wealthy person. Do what one does.
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The Pareto Principle Misapplications
- Putting inputs and outputs on the same level: Inputs and outputs aren’t the same thing and, therefore, can’t be put into the same pie chart.
- Using a litera...
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Small Improvement Matters
Don’t be discouraged even you are being left behind, as long as you are making a progress, you are already making a difference.
Why Winners (Almost) Take All
In Pareto Principle, the winner takes almost all. The-Winner-Take-All effect happens isn’t because winners are better, smarter, and stronger than everyone else. In fact, most of us started at about the same place. But that tiny little advantage can take a person a long way by compounding effect over time.
Strategies for Keeps
- Pick one goal for your business to improve focus and decision-making.
- Optimise the first item in a funnel that has cascading effect to the entire funnel
- Work hard to understand the 20% of your customer.
- Create high margin products that bring 80% of all profits.
- When assessing risk, recognise not all risks are equal.
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The 50/15/5 rule for multiple financial goals
- 50% of your income goes toward essential expenses: rent, bills, minimum debt payments.
- 15% percent goes to retirement savings. They also suggest you increase this by ...