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Save money applying the 80/20 principle - part 3
Save money applying the 80/20 principle - part 3
This is Part 3 in a series on how to apply the 80/20 principle to save money. The full series is Part 1, Part 2, Part 3, Part 4, Part 5.
Today’s topic is more about how to make more money than how to save money but result is quite similar: more money on in your pocket. 
Focus on tasks that pay off
80% of your income come from 20% of your activities.
Identify these activities that bring money and minimize or eliminate the few that have no real value.
I recommend you to log all your tasks during one week. At the end of the week review your list and figure out which ones make you earn money and which one are a waste of time.
Then, allocate most of your time performing these tasks and minimize time spent doing other stuff.
For example if you want to earn money with you blog(s) : Producing useful content pays off, marketing you Web site pays off, finding new advertisers pay off… Oh the other hand playing with the color of your header doesn’t, reading too many other blogs doesn’t or check your traffic statistic continuously doesn’t.
Salary negotiation
Make concessions on the trivial many.
Make a list of all your concerns about the job and identify which ones really matters for you. It could be salary, bonus, responsibilities, holidays, etc…
You can eventually concede minor points in exchange of getting a great deal on points that are important for you.
But be careful don’t play your ace too early in the negotiation. Keep it to the closing stage. Otherwise you will lose bargaining chips.
80% of the concessions will occur in the last 20% of the time available.
So take your time, don’t be impatient. Build your argumentation timely and raise your additional demands in the last part of the meeting. It’s amazing how time puts a lot of pressure on negotiation. At the critical moment the other side will be more flexible and willing to make concession. Take advantage of it.
These two advices may be applied to any kind of negotiation, not only salary ones.
Never give up
Pareto discovered that 80% of the wealth are owned by 20% of the population.
Applied to Web economy, it means:
- 80% of the money is earned by 20% of Internet markets
- 80% of weblog traffic is got by 20% of bloggers
- …
I haven’t performed statistical study but if you do I’m sure you will find an equivalent ratio (even better like 90/20)
Thus, to earn a good amount of money you need to belong to this 20%. You need to persevere and never give up under trying conditions. Make it to the top requires time and effort… Don’t give up.
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