There's nothing wrong with getting an iPhone. In fact good investors don't play with other necessities while investing. In this modern world necessities may include: food, shelter, clothing and good gadgets that will help you smoothly control other investment. In as much as we criticize iPhone a lot, we can still agree that a good iPhone is among the best in the world, so there's no need for the argument.

My take is; don't live overtly lavishly especially without good investment. Eat right , stay heathy, have a good roof over your head, wear good clothes - not necessarily paying too much for a brand name , have a good gadget - it speaks of your taste ( it can also make other investors want to do business with you). Invest enough but also enjoy enough... Life is short. Teach your kids early, invest for them and groom them, but make sure u spend more than 70% of your wealth while alive otherwise strangers may do it for you when you're gone.