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The 80 20 Rule Explained (a.k.a. Pareto Principle) | Brian Tracy

Make Dream a Reality

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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SIMILAR ARTICLES & IDEAS:

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...
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.
The 50/15/5 rule for multiple financial goals
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 ...