Price’s Law Explained: Why Only A Few People Get The Majority Of Rewards


Manage episode 231560181 series 1370470
By The Darius Foroux Show and Darius Foroux. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
Price’s law is something that can truly change the outcome of your life and career. It can make you or BREAK you. On this episode, I explain why that is and how you can use it to become successful. The rule says: 50% of the work is done by the square root of the total number of people who participate in the work. I didn’t know about Price’s law until recently when I watched a lecture by Dr. Jordan Peterson, psychology professor, and author of 12 Rules For Life ( Understanding the underlying idea of Price’s law can make your life a lot easier. Look at your current profession. Are you in a position to create substantial value? If the answer is no, move on to a different place where you CAN. Become very good at what you do. That’s the only way you can provide value. We must be realistic. There are no shortcuts. It takes time to be good—let alone be great. When you provide more value, you feel better, plus you’ll earn more. Not a bad side-effect of doing great work. Look, life is not symmetric nor linear. Only a few people in every domain are responsible for half of the results. Hence, find the domain YOU can be the important minority — you’ll also get the majority of the benefits. Then, let me know if your life isn’t better. Thanks for listening! P.S. Don’t have time to read books? Try Blinkist, my favorite accelerated learning app, for FREE: I use this app every day to learn something new. They create quality summaries of top non-fiction books. ----------- Get my latest book, The Road To Better Habits, for free. In the book, I will show you a simple framework your can use to transform your habits. Excited to transform your life by transforming your habits? Get the book here: ----------- Connect With Me Newsletter: YouTube: Instagram: Twitter: Facebook:

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