Good list by the OP and two good additions. With time most of us are able
to figure out what the important things are in life and what we need to fucus our
efforts on, Food, shelter and the future - the future being savings and investments
for a comfortable and healthy life.
In time we also realise that the "wants" are mostly depreciating assets and in terms
of investments are not great options, fancy cars and fancy watches etc. which dont
actually enhance our life.
The word investment can be classified into two sections. One is the appreciating one like Gold and Bitcoin, while the other are those that you mentioned there (E.g fancy car, fancy watch, etc...). In the name of investment, both types are beneficial for us. One provides wealth in a literal way because we can earn profits on them (usually passive), while the other is for our own well-being.
When we drive a fancy car and wear a fancy watch, we can feel good. It boosts our confidence. They are also useful because it tells us the time and it can transport us in our preferred destinations. It can even attract us a potential client for our businesses.