I think that it's most important to know what you want yourself first. If you know that, then you can easily spend your money on the right things for the right

I think that it's most important to know what you want yourself first. If you know that, then you can easily spend your money on the right things for the right reasons and, thus, spare yourself from owning all kinds of cool, new, luxury, status, or whatever objects that you only bought because you wanted to be cool or successful or you thought you wanted them. For example, I don't need a new car, a high-end mobile phone, or the ultimate gaming setup with a ridiculously expensive graphics card. They wouldn't produce much extra value to me so I don't feel justified to pay for them. However, I do love photography so buying a new DSLR and a set of lenses instead of a pocket camera was well justified even though the money spent on the DSLR was probably ten-fold.