Roughly 70% of Americans have financial regrets from 2023, according to a Credit Karma study. The most common one is not saving money (31%).
One principle completely transformed my ability to build and stick to money habits and become a debt-free millionaire. In 1906 Italy, Vilfredo Pareto noticed most of his precious peas would perish, except for a small portion, constituting the majority of his crop. More specifically, he noted how 20% of his crop produced 80% of his harvest.
Pareto extended this principle to macroeconomics, showing that 80% of the wealth in Italy was owned by 20% of the population. His concept is now known as the Pareto Principle or the 80/20 rule. I like to refer to it as “the rule of world peas.”