Pencil point

I want to know what does the following phrase mean. What does pencil point refers to?

"I had lived my life down to a pencil point."

Have never heard the phrase,but seems quite witty.A pencil point is very 'pointed'[a blunt pencil is sloppy and useless]and,depending upon the context,my guess would be it means to live your life to a finite degree of perfection-at least to the utterer's mind.