Buddha himself came up with the five precepts as a way to help his students that weren't monks to live a life that is peaceful and full of happiness.

The actions that are avoided by keeping the five precepts are actions that can lead to suffering. So, the precepts are a way of protecting yourself and others from that suffering.

In the dictionary, precepts are defined as rules or principles to guide behavior or thought. They are typically seen as guidelines for moral conduct or behavior.

Having precepts entails having rules about one's intentional behaviour. The opposite of having precepts is a life without precepts; a life without any boundaries, where one is free to get into a lot of trouble.

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Buddha set forth the 5 Precepts after discovering the 4 Noble Truths and the 8 Fold Path.