Will Guidara's 95/5 rule: control 95% of your money and time with discipline, then spend the remaining 5% on something foolish. You have to earn the right to be reckless by being strict first. Skipping that 5% entirely is its own kind of financial irresponsibility.
Talk about the 95/5 rule. The 95/5 rule is how we manage all of our resources— money, time— which is manage it like a maniac 95% of the time such that the other 5% of the time you can spend it foolishly. And what I mean when I say that is two things. One, you need to earn the right to spend that last 5% foolishly. If we look at the resource of money, you don't have money left over to spend foolishly if you're not disciplined in holding on to as much of it as possible. But I also say earn it because you better earn it because if you're not spending that last 5% foolishly, I think you're being financially reckless.
