I understand there is social pressure, but then pretty much anything can be bucketed under investment by this standard. Is a nice car and nice house also invest

I understand there is social pressure, but then pretty much anything can be bucketed under investment by this standard. Is a nice car and nice house also investment so the kids don't get rejected at school? At certain level of income, sacrifices need to be made, and I would argue Nikes and iPhones are luxuries, not necessities. e.g. you can get a pair of good quality shoes that costs less than Nikes, and a functional smart phone for less than an iphone.