Sure, there is a bit of a psychological component, yet there are also some hard facts that relate to both how much value a guy has accumulated, the various ways that the value is allocated and various kinds of cashflow and portfolio management practices that might be different in regards to the building stage as compared to getting to a status that the guy is actually going to start to live off of the funds, either in full or partially.
I doubt that mentality is going to help very much for guys who either had not established enough funds into their investment portfolio or if their cashflow and/or their portfolio management practices are not in a decently solid status allocations and/or plans to withdraw if that is their current or future status.
more than psychological, I would say that they are basic rules to better manage income and optimize expenses, which you can use even if you don't do a FIRE
very simple rules like
- create expense categories
- set a budget for each category
- monitor all expenses with a specific program, knowing how much you spend you can act and understand where to fix and optimize
- tries to increase cashflow by introducing various revenue or business units
- try to plan your savings
- try to postpone expenses as much as possible, hoping to optimize them, don't buy 1 glass today, postpone and buy a pack of 6 in the future when there are discounts, if you can obviously