Money is for spending, I would say. Seriously, you don't earn money just to horde it. Not only does that make it useless, it actually lose value if used that way.

I wouldn't consider being able to simply fulfill your basic needs as being rich, you're simply getting by. Sure you are not poor (which meant lacking in certain needs) but you're not rich either.

The problem is not the luxuries per se but if you put all your efforts for chasing after luxuries. You can only get so much joy from something before it get stale and then you'd have to move on to the next thing.