To a certain extent this is true. You shouldn’t be going into debt just because your income level allows you to get more loans etc. But once you reach a certain income threshold it doesn’t really matter.

So what was the point of him living a frugal, simple lifestyle? I would argue that its just something he was used to and found joy in, and thats ok. Some people like that. Others might want to use their money to unlock new experiences that come with it. Thats ok too.