intellectual

Feb

2020

Make Better Decisions with The 10/10/10 Rule

Reading Time: 2 minutes

Our daily lives are composed many opportunities to make decisions big and small, in all areas of our lives. Some decisions have immediate effects and some have long-lasting effects and consequences, as in some cases. There are some life rules that can aid us in making decisions in life, one of which is the 10/10/10 Rule. Try make better decisions with the 10/10/10 Rule.

This is one of the non-negotiable experiences that we all have to go through in life. Whether it’s in a pleasant or stressful context, the decision-making process is an important step to make so we can move forward to our next step or stage in life.

You cannot make progress without making decisions.
– Jim Rohn

The stress from decision-making usually comes from having to make a decision that is in conflict with our feelings at the moment, which is usually the result of a decision not being aligned with certain priorities or goals that we want to achieve. So how do we make the decision-making process easier and more effective?

Some of the harshest decisions that individuals need to make involve and affect the lives of many people. Top executives in big companies have to make such tough decisions regularly. So how do they do it? Wealthy people like Warren Buffet follow the 10/10/10 rule to make smart decisions.

The 10/10/10 Rule

The rule is simple. Each time you have to make an important decision, ask yourself these questions:

How will I feel about my decision in 10 minutes? 10 months? 10 years?

This method allows you to examine your feelings about the decision you are about to make. If you feel that the decision you are about to make will result in you having negative feelings (e.g., regret, guilt, etc.) later on, or if it doesn’t align with your priorities, then you know that you are making the wrong decision or that you need to make some changes to the solution that you are considering.

This method allows you to look further into the possible consequences of your decisions and enables you to assess the situation in a long-term perspective. As you ask yourself these questions, you may find out that you have a more important priority than what you are looking at in the moment, or you may find a better solution (and make a better decision) to the issue you are facing.

Happiness can be defined as the fruit of the desire and ability to sacrifice what we want now for what we want eventually.
– Dr. Stephen Covey

This rule works with small, daily decisions as well, such as whether you should give in to an impulsive purchase that you happen to find during a sale in a mall. Try it and see how it works for you.

Original photo by Vladislav Babienko on Unsplash.

Feb

2020

The 80/20 Principle

Reading Time: 2 minutes

In a perfect world, 100% of your effort will bring about 100% of your desired result. Unfortunately, that is not the case. The world is not perfect. Life is unfair. In life, percentage input does not equal to the percentage output. This universal truth about the imbalance of inputs and outputs became known as the Pareto Principle better known as the 80/20 Principle.

The Pareto Principle

Named after its founder, the Italian philosopher and economist in the mid-19th century, Vilfredo Federico Damaso Pareto. the Pareto Principle states that 80% of results or outputs came from just 20% of the action or inputs.

in his observation, Pareto noticed that only 20% of the pea plants in his garden is responsible to the 80% of the peas harvested. He then thought about the disparity of his country’s wealth. His thought led him to discover that 80% of Italy’s wealth was controlled by just 20% of the population. Further observations of society led him to the realization that all economic activities adhered to this principle.

To illustrate, the principle says that:

About 80% of a company’s sales are generated by only 20% of the sales representatives
80% of food sold in a restaurant came from just 20% of the items in the menu
80% of road accidents are caused by just 20% of the drivers on the road.

Individual

On a personal note, it means that:

Around 80% of whom you spend most of your time with belongs to only 20% of your closest friends and family.
80% of what you wear most of the time just came from 20% of your wardrobe
80% of the online application that you use comprised of just 20% of the total applications stored in your gadget.

Are you part of the “Vital Few” or “Trivial Many”?

Dr. Joseph Duran, known for his work on quality management used this principle. Dr. Duran expanded it even further and it became known as the “vital few and the trivial many”. This means that in anything, only 20% are vital while the remaining 80% are trivial. Although first used in quality management, the 80/20 Principle can now be applied to anything in life.

If you look into your life, you will notice that 80% of your productivity or success is brought about by just 20% of the things that you did. In the same way that 80% of your failures or disappointments in life are caused by just 20% of your issues. It all boils down to where you put all your efforts.

We all have 24 hours. The “vital few” in society choose wisely on how they spend their time that is why they belong to the top 20%. The rests or the “trivial many” remain slaves to their never-ending to do lists. They work hard all their lives yet their efforts do not contribute anything to the success of their lives.

“Work smarter not harder.”

Now, ask yourself, are you part of the elite class in society called the “vital few” or are you part of the “trivial many”? If you feel like you are not going anywhere in life despite all the hard work and effort that you have done, then it is time to reassess your life on where you put all your priorities and energies. Don’t be a part of the bottom 80%. Adopt the 80/20 Principle as one your life rules. Choose to work smarter not harder. Start now by taking on the the 5/25 Rule Challenge.

Feauture Image by Posted by A.L. Jonas in Intellectual, 0 comments