I find this a much more useful approach compared to budgeting. Afterall, I am very lousy at budgeting and simply cannot keep to my budgets. It is better to just pay yourself first and spend the rest of your money without having to worry about a budget. It is just framing the problem in another way if you ask me.
This brings me to the apple tree story which I have heard some other people talking about. We should all aim to have multiple sources of income such that we do not over rely on only our earned income. The way to do that is to grow more apple trees. Each apple tree is a money generating tree such that once you have enough apple trees, you can safely retire.