As you may have learned during your working days, 80% of results come from just 20% of actions. This concept, known as the Pareto Principle, can actually save you time, meaning you have more of it to enjoy during your retirement.
In business, you may have seen that 20% of customers accounted for 80% of profits. Or that 80% of expenses came from only 20% of items purchased.
In your personal life, it’s possible that you spend 80% of your time in 20% of your house. Or that you wear the same 20% of your wardrobe 80% of the time.
How the Pareto Principle Applies to Retirement
It may seem like you’re busier than ever, even though you don’t have a job to go to each day.
Begin by making a list of all the tasks, activities, and responsibilities in your life.
Decide which of them represent the top 80% of the “results” you’re looking for. In this case, results may be time with family, downsizing your home, creating a volunteer program, etc.
Now, look at where you’re spending most of your time.
If you’re like most people, you’re spending a lot of time organizing your home or finances, running errands, waiting in lines, etc. And chances are, most of the time, these activities are not bringing you closer to living the retirement you want.
The great news is that there’s a solution!
Just like when you were still in the workforce and would delegate or outsource tasks, you can do the same thing!
Hiring a personal assistant and daily money manager to take some of those tasks you’re spending time on even though they don’t further your goals will leave you the time and energy to spend on the things that really matter to you.
Maybe you think it’s not the best use of your funds now that you’re on a fixed income.
But here’s the thing – time is valuable! Even more so in retirement.
Would you rather be enjoying your free time or spend it waiting in lines and plowing through financial statements?
Don’t be afraid to hire help so you can spend your time doing the things you’d always dreamed of.