Wealth is built [in part] by deciding what not to spend on

I learned that the truth is the exact opposite, thanks to a friend who articulated things in a way that resonated with me:

• Everybody, irregardless of wealth, has to plan before spending — what varies across people is the category of things this planning applies to e.g a billionaire can’t just build a refinery without thinking through financing (or at least it wouldn’t make sense to).
• The arena of money/wealth is extremely adversarial. Every aspect of being alive is trying to extract money from you, every second of the day. The only effective strategy is deciding what not to spend on. It’s the only way to build wealth and make sure you’re targeting the important things.