I know a number of rich people and they all say the same thing: make sure that things you buy will be working for you. Like if you really want to buy an expensive car, make sure it's a rare, vintage model. Something that won't lose value over time. The worst thing you can do is buy a Ferrari that will cost a fortune to maintain and every paint scratch will make a dent in your wallet.
This is a very great point from you. Often at times, you see people buying items or properties they don't necessarily need, then they start struggling to either maintain it or pay tax on it. I think that is a shear waste.