Website conversions are the key. If the conversion rate is good with respect to the traffic, no need to worry about the high bounce rate.
Wel Adam never posted again, but the comment about people staying and reading his content for along time then leaving makes no sense. Analytics will always show a time of 0:00:00 for a bounce because there is no second time stamp to base a time on site.
Simple advice but highly useful -> Interlinks your pages, make them interactive, provide good quality content, install some plugins like related posts, popular posts and wait for a few days. The bounce rate will be down to 50-55 % after which it depends on your writing style and skill to bring it further down. Good Luck !
My site's bounce rate is around 80% as well. Your comments are very useful. I'll definitely look at the traffic sources that cause high bounce rate and improve my site. Thanks for sharing.