Earlier quoted context omitted.
A personal rule of thumb I derived from the ninety-ninety rule is this: "Before starting a project, ask yourself if you would still do it if you knew it would cost twice as much and take twice as long as you expect. Because it probably will."
Twice is a (reasonable) minimum.
Unfortunately, lots of us bid against people who over-promise. By the time the project is obviously behind schedule, it's too late, and the client can't switch to someone else.