In 1906, Italian economist Vilfredo Pareto observed what is known as the 80/20 principle (now also known as the Pareto Principle), which states that, for many events, about 80% of effects come from 20% of causes. When used as a central rule in your life, it can be a catalyst for great change for you. In this article, I want to focus on financial improvement for your life. Here’s how the 80/20 rule can work in that regard:
You have a goal in your life to support yourself (and perhaps any dependents you have) comfortably, so you can enjoy life and have all you need. Unfortunately, in this economy, a large chunk of your money (possibly 80-90%) goes to paying for a few things, such as rent or mortgage, groceries, and bills for your survival needs. At the end of it all, you have little to show for it and nothing left over to do more things that you enjoy, such as traveling to exotic places, taking part in more hobbies/sports, or even donating your time to worthy causes. How can you change things to be more in your favor, so that you have more money left over to enjoy life more and work less?
It becomes clear when you learn how to use the 80/20 rule to spark ideas, prioritize possibilities, and think/work smarter, not harder. It could include a brainstorming list of ideas to make money, crossing out ones that would keep you working too many hours. For myself, this rule helped me figure out which passions of mine could make money for me online, and it also kept me from spinning my wheels trying to get a business running. I had to figure out which tasks would earn me money in the end, and which ones were just paperwork/office tasks that could be done later or passed on to someone else. As you can see, this rule can put you well on your way of digging out of slave-wage labor. It’s all about mindset: I repeat: work smarter, not harder.
And now, in 2024, it is becoming easier to work smarter, not harder. With the advent of artificial intelligence and ChatGPT, you will see how much easier it is to work smarter. Not in the way of “cheating the system,” but rather by getting the kind of help you always needed to get your business off the ground quickly. Now is the time to welcome artificial intelligence into your future plans, as the greatest assistant you could ever hope for! I’ve seen it with my own eyes, and I plan to write more on this topic. Stay tuned!!
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