I am guessing you have heard of the Pareto Principle, but if you have not, here is one of the available definitions from the internet thanks to Wikipedia:
The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes. Management consultant Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who noted the 80/20 connection while at the University of Lausanne in 1896, as published in his first work, Cours d’économie politique. Essentially, Pareto showed that approximately 80% of the land in Italy was owned by 20% of the population.
With that being said, I want you to consider this principle in your own life. My upcoming book provides one view on how to look at and manage, change, and edit the priorities that mean the most to you in your life. I will provide you with a new perspective on how to get the most bang for your buck every single day.
But today, I just want to give you a chance to think about how you currently budget your time, energy and money. I want you to consider what you are doing to both benefit yourself and those around you, and more than anything I want you to be able to see how the Pareto Principle can make or break your progress in reaching the goals that you set for yourself.
Some food for thought…
20 percent of your priorities will give you 80 percent of your production.
You spend your time, energy, and money on the top 20 percent of your priorities. And sometimes you don’t even realize what that really means.
If you are looking to make some adjustments to your priorities…make it simple. Start with just a top 5 list of the most IMPORTANT and most URGENT things you need to do over the next week. Then make a list of 5 IMPORTANT, but not so URGENT things that you need to do. And then (yes, a third time), make a list of things with LOW importance, but HIGH urgency.
Essentially you are making three lists:
- Things to do NOW
- Things to DO
- Things to DELEGATE
It may take a little time to figure this out, and that is okay. The goal is that you make progress and that you open up more time for yourself to do the things that MATTER to you most; those things that you REALLY CARE about. If you are doing that, then odds are you are serving out your purpose or at least getting one step closer.
Thanks for joining me today!