These two characters contain the ideas of fate, destiny, fortune, and luck.

You can also say that it means “what life throws at you” or “your lot in life” because the first character contains the idea of life or living.

This version is really only used in Chinese. There's another version with just the characters reversed that is more universal. In fact, skip this one. The opposite character order is better.

命 is often translated as “destiny.”

Sometimes this character is simply translated as “life” but more in terms of one's lot in life. In a certain context, this can mean command or decree (generally from a king or emperor). Of course, such a decree is part of fate and leads you to fulfill your destiny.

In Chinese, this word leans toward the fate or destiny definition.
In Korean, it is usually read simply as “life.”
In Japanese, it can mean all definitions shown above, depending on context.

See Also:  Good Fortune

姻緣紅線 is the legendary red string of destiny that binds all soul mates or lovers together.

In ancient Chinese culture, a mythological matchmaker named 月老 (Yuè Lǎo) was the controller of the fate that led lovers to meet. He did this by tying a celestial red string to the ankle of each person. Sometime during their life, they will meet and marry as fate dictates.

While the origin of the red string comes from China, it has spread to other parts of Asia (such as Japan, where it's known as 赤い糸).