I found this great article in Forbes from a couple of years ago. It really illustrates the 80/20 principal in very practical business terms.
The advice here is sound – for all areas of life. Prioritize, prioritize, prioritize. Only do the few things that actually make the biggest difference. In my life, I take all my must haves, want to do’s and should do’s and sort them into A, B & C lists. The first thing I do is throw the B & C lists away. I then take the A list and sort by the top 3 most important things that will make the biggest impact. These are what I work on. I try and use this lens for everything I do.
This allows me to maintain work-life balance and leaves a little space for spontaneity and grabbing onto innovative or creative moments and ideas.