ep.16 – 80-20…20-80

Pareto

I love that intro, not just the music ? (you can?t see me now but I am dancing away) but also the dulcet tones provided by John Cowan, thanks, John. One of my learnings when putting this intro together was getting to the point. I had tried several different music samples and my own efforts at a voiceover, but none were quite right. Finally, I concluded I needed to get a professional involved ? and this means a cost ? something that doesn?t always sit right with me on the FI journey. However, there are times where it is good to outsource to get optimal results, and that is optimal results in all areas not just the task in hand. What I mean by this, using the example of the voiceover, whilst John went away and did his thing from my short brief ? I didn?t have to think about the words to use, the delivery, the editing and production ? whilst John was doing putting his world-class efforts to these tasks I was able to deploy my energy and resource that would have gone into these things into other areas like, my career and developing my wife?s business both key attributes to our income generation.

So in the spirit of getting to the point, today?s episode is going to be short for one overarching reason? Pareto’s Principle or the 80/20 rule. This is a rule indoctrinated into me through my various business courses, but for those of you that are not aware ? rather that tell you about the origins of this guy Pareto?s gardening and harvesting efforts, it means that generally 80% of the results usually come from 20% of the inputs or effort. When you turn this around you quickly see the impact of the principal, in other words, 80% of your effort only produces 20% of the results so imagine what you could do with the majority of that 80% of effort if you cut out some of the wasted efforts that get your no or little results and refocus these energies on something more useful ? I think you would literally feel like Superman ? I love the over and unnecessary use of the word literally like I literally love it. Ooops, I was meant to be getting to the point!

So my life lesson this week is the Pareto Principal and directly applying it to our income generation and that means a focus on my career and also my wife?s business, the supply side and I will give a shameless plug, the website is married.co.nz. You see this website has so much potential, as her custom-made artificial flower arrangements are maxed out as my wife doesn?t want to employ anyone and this keeps the quality at the highest it could be, all the time in this area. However, for the supply only side of the business, this has so much potential. As I am helping on the technical side of this business and its results are largely based on optimising the website and marketing using the awesome work Leish does as the foundation of the website?s credibility. In the past few months I have not paid as much attention to married.co.nz as I have been focusing on other ventures like this podcast, but don?t worry this podcast is not going anywhere as it is becoming a passion of mine and I enjoy the commitment I have given to you to of putting out a regular documentary of our FI journey, but some weeks will contain shorter content than others, I will just have to make sure there is a clear fresh learning you get from these shorter episodes.

So this is one of those shorter episodes driven by my new-found desire to grow married.co.nz but also I have to be honest my time today is limited as I went out for a beersie and a bite to eat to celebrate the career of a great friend and work colleague and farewell him on to his new ventures ? yes he is officially FI ? and I am not jealous in the slightest ? much!

But this was time very well spent?

Anyway, I will leave you with this learning from my week, you get one life, with limited resources, be that materials, equipment, help from others, money but most importantly? time. Work out what you ultimately want out of life in all areas that are important to you like family, friends, yourself and the wider community. Where are 80% of the results you are currently getting in these areas coming from? Work that out and pay yourself back up to around 80% of the effort that you are currently wasting ? and decide where you are going to deploy these extra resources to greater effect. This is a game-changer, time is a strange but finite thing, use it wisely and happy fiday.

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