The converse is not true; you don't get rich by spending freely.
That being said, there's good frugality and bad frugality. Bad frugality is being "penny wise and pound foolish," spending less now in ways that result in spending more later.
That being said, there's good frugality and bad frugality. Bad frugality is being "penny wise and pound foolish," spending less now in ways that result in spending more later.
Saving money now on regular checkups, which leads to a health emergency later is an obvious one. But what about spending money on ergonomics, PPE, diet, exercise, etc. It can be hard to quantify the long term risk/benefit.
Admittedly, I've been notoriously bad at realizing that I've entered that phase. On three high-profile occasions (two computers and a car) I've exceeded the saleable value of the thing in upkeep costs, in the span of just a few months - it would've been cheaper to divest and replace.
Determining that you've crossed that inflection point is, I assume, a skill.