You have so much going on that it can be quite overwhelming at times. To make it worse, a lot of what you spend your time doing doesn't add to your bottom line or help you accomplish your goals. With your attention pulled in so many directions it can be hard to keep focused on what truly matters. But how do you break this cycle and cut through the waste so you can focus on the truly important?

Vilefredo Pareto just might hold the key to unlocking the magic code to increasing productivity and regaining your sanity.

Never heard of Vilefredo Pareto? You're not alone.

Vilefredo Pareto was an economist of little note who lived and died Switzerland almost 100 years ago. Not much of his work or life garners our attention. However, at some point in his 75 years of life Pareto stumbled upon a mathematical truth that could truly transform your life.

The Pareto Principle first popped up on my radar while reading The 4-Hour Workweek by Timothy Ferriss a little over a year ago. At it's most simple The Pareto Principle simply states that 80% of outputs come from 20% of inputs. This has been found to be true across all manner of disciplines including time management, customers, and economics.

A few alternative ways to look at the principle include:

• 20% of your customers generate 80% of your income

• 20% of your customers create 80% of you problems

• 80% of your results come from 20% of your effort and time

It drives home the concept of prioritization. What you focus on matters immensely. If you are focusing all of your efforts on the wrong things you won't get the results your working so hard to achieve. You will run yourself ragged with nothing to show. Thankfully, you can learn and apply the 80/20 principle to your life and alter the outcomes you are working so hard to reach.

Pareto and the 80/20 principle will be of most help to you if you leverage them to assess your current efforts. Here are three ways you can apply it:

1. Take stock of current efforts. Write down everything you are doing and outcomes it is producing. Be unattached from the outcomes here, simply list out your activity and how it has impacted your work, life, etc.

2. Reprioritize what's producing. Perhaps you find that phone calls are driving your business and resulting huge returns for you, despite the fact that you make very few. In that case, pick up the phone and start making more calls. The key here is to determine your areas of strength and multiply them.

3. Eliminate waste. Consider cutting those things that are wasting your time and energy. It might be something you think would be generating results but its just sucking up resources. Cut it ruthlessly. Find your inefficiencies and eliminate them. This will free you up to focus on what's actually generating for you.

These three steps show where to double down and where to eliminate. Apply this principle to your life, get a hold of the few things that truly matter, and see how drastically it transforms things for you.

Bonus tip:

Develop a "Stop Doing" List

A few weeks back I wrote a series of questions to help you evaluate the items on your "to do" list that pairs well with the Pareto Principle that will be helpful to you. Here is an expert from that post:

"The solution to your crazy schedule and consequently a crazy task list isn't just another list but the process of evaluating exactly what you are doing each day. A "stop doing" list helps you take a cold hard look at what you are doing and literally stop doing those things that are not the most fruitful for you and your team."

Bonus Resource:

For more on the Pareto Principle and other awesome tips that are sure to shatter your world, in a good way, check out The 4-Hour Workweek by Timothy Ferriss.

Most lead lives full of activity and lacking discipline. "To do" lists are overwhelming and ever growing. They are filled with wasteful activities, "we just have to do", that drain us of energy, steal our time and keep us from chasing truly great opportunities.

Enter the idea of the "Stop Doing" list.

A "stop doing" list in its most basic form is a list of the things that you and / or your team are going to stop doing.

The solution to your crazy schedule and consequently a crazy task list isn't just another list but the process of evaluating exactly what you are doing each day. A "stop doing" list helps you take a cold hard look at what you are doing and literally stop doing those things that are not the most fruitful for you and your team.

Like much of life, the power is in the process.

How do you determine which activities are worth doing? Putting together a "stop doing" list begins by taking a hard look at your task list and asking yourself a series of questions.

1. What is the purpose of this task? It is always helpful to begin with the end in mind. To ask yourself the five year old's favorite question, why? Why is this item even on your "to do" list? What was it's origional purpose? Why are you doing each particular task? Purpose matters especially when it comes to the tasks that cosume your time. If the ultimate purpose of a task isn't worth the time, energy and resources it consumes ditch it.

2. What outcomes does this task produce? Every task you perform produces an outcome. What is the result of doing each item on your list? What fuit does it produce? Make note of the outcomes your work produces. If what you are doing isn't producing good results that are helping you achieve your goals, it is probably something wasting your time.

3. If I did not already do this, would I do it? Thinking about starting over often helps provide clarity. There are any number of things you do each day that were once great and needed items but whose time has passed. Honestly evaluate each and every item as if it were a new idea even if you've been doing it for years. Just because its the way things have always been done isn't a good enough reason to keep something on your to do list. You have too much going on for wasteful tasks born of tradition.

4. Does it fall in my area of strength? Focus on what you do best. A stop doing list allows you to focus on your strengths. Stop doing things you're not best equipped to do. Chances are that even if the task is worth doing, someone else around you might be better suited to perform it.