Jane Galt explains her fiscal philosophy in Why should you deprive yourself today for the benefit of tomorrow?:
Don’t buy a car, or a house, because you like what people will think of you for owning it. Do you really care about the opinions of people who judge you based on your material possessions?Why, yes, you do. We all do; it is in the nature of primates to seek status. But status-hunting via material goods is a zero-sum game, and unless you’re Bill Gates, the odds are you’re going to lose. With a little mental discipline (okay, a lot) you can stop playing that game, and force yourself to concentrate on the things that really give you joy, rather than simply creating a transitory gleam of envy in someone else’s eye.
What are the things that give me joy? Family. Friends. Travel. Writing. Reading. My dog. Eating good food. Being healthy. So I’ve rearranged my budget to emphasize those priorities — a gym membership, expensive dog food to cater to my dog’s allergies, trips hither and yon, giving parties, buying good food to cook. But I’ve also recognized that many of these things don’t cost me money, and that by cutting out the tempting inessentials, I have more time and energy to devote to the things I care about, as well as the peace of mind that comes from putting money in the bank.