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The 80 20 Rule Explained (a.k.a. Pareto Principle) | Brian Tracy
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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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.
Brian Tracy
“When your goals are clear, you will come up with exactly the right answer at exactly the right time”
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.
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.
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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The Pareto Principle (the 80/20 Rule)
It is an idea discovered by an Italian economist. It says that power and wealth is distributed like a reversed hockey stick where a small percentage of the population (20%) owns majority of...
80/20 Rule All Around
The Pareto Principle could also be observed in almost every industry:
- In software, 80% of the errors and crashes in a system would be eliminated by fixing the top 20% of the most reported bugs.
- In sports, 20% of athletes participate in 80% of the big games
- In business, 20% of the products bring in 80% of the revenue.
80/20 Rule: Threat or an Opportunity?
It is hard to accept the truth that there are inequalities everywhere. But depending on how you see it, the rule could help us filter out unnecessary data, better channel our resources, and make better decision in work and life.
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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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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 ...