4.3 • 720 Ratings
🗓️ 23 July 2018
⏱️ 7 minutes
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0:00.0 | This is Stevea Robbins. Welcome to the get-it-done guys, quick and dirty tips to work less and do more. |
0:09.0 | In the wonderful world of working less and doing more, the ideal life is one where you have a magical genie's lamp. |
0:15.2 | You rub it, you tell the genie what you want, and poof, it happens. |
0:19.3 | You've worked less, far, far less, and you've done more, |
0:22.5 | far, far more. This is the ideal life. And Bernice, owner of green growing things plant |
0:27.8 | stores one and two, dreams of someday having that lamp. She has so much to do, and it seems like |
0:33.7 | everything is more work. Now, it seems so easy to work more and do less, |
0:39.2 | but that way lies ruin. Bernice's genie is right in front of her. It's called the Pareto |
0:44.8 | principle, or more commonly, the 80-20 rule. Less is more, almost always. It turns out that |
0:52.3 | reality is lumpy. Not all things are created equal, not all actions |
0:56.1 | have equal consequences. Let's say you want a big, beautiful house. If you actually have a genie, |
1:01.7 | you can rub the lamp and ask for it, and boom, you've got 24-carat gold toilets. Good for you. |
1:07.5 | But what if you have the lamp, and instead of rubbing it, you put it on your shelf and you |
1:11.0 | spend your time day trading cryptocurrencies? Oh, you make enough money on paper to buy those |
1:16.0 | gold toilets, but the crypto exchange you're using gets hacked by a 13-year-old Russian high school |
1:20.7 | student and they steal your entire net worth leaving you broke. That means that right now you |
1:25.5 | have two possible actions. You can rub the lamp or you can |
1:28.7 | trade cryptocurrencies. Rubbing the lamp will get you a house. Trading cryptocurrencies will get a 13-year-old |
1:33.9 | high school student somewhere in Russia a house. Clearly, not both actions are created equal. In fact, |
1:40.6 | reality is really lumpy. What Pareto observed is that generally 20% of the inputs control about 80% of the outputs. |
1:48.1 | What that means is 20% of the population controls 80% of the wealth. |
1:52.1 | 20% of your actions produce 80% of your results. |
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