OLTB wrote: my father’s thinking when spending cash. He grew up with nothing and through hard work / canny investing has found himself with a very decent DB pension and significant IT portfolio (he keeps his cards close to his chest so I don’t know the details!). Anyway, when it comes to spending, he says that even though he could afford certain purchases, he doesn’t necessarily buy them as he doesn’t consider them value for money. It’s the same with his holidays, even though he could afford first class, he doesn’t choose to fly that way as he doesn’t see the value. I’m learning that what is important to one individual may be the polar opposite to the other. I’m trying to get him to complete his ‘bucket list’ before he’s too old, but his priority is having enough to pay care fees...
Self-imposed frugality is quite common particularly amongst the generation that lived through the 1930's Depression and world war two. Perhaps if you lived through that period, even if only as a child, it affects you in a way that baby boomers cannot conceive. So when I would ask my parents why they didn't spend their excess money the rationalisation given was usually "you never know what might happen" or "there's nothing I really want".
And the outcome was much as in the case you cited here - dying rich. Which led to me getting an inheritance that was very nice, but that I didn't really need, along of course with a nice windfall for the taxman.
So whilst it is possible that somebody might not derive any pleasure from material goods or indulgent services, I think trying to dress that up as some kind of virtue is a little excessive. Taking your example of flying First class, for instance, that is something that I started doing about a decade ago and, at this point, I'm not going back to flying in Economy again, except for short-haul flights anyway. Premium cabin travel may not be good value for money, but if I'm going to be stuck in a tin can with a bunch of strangers for 10 hours, I want to do it in some style and comfort.
Which is not to advocate for indiscriminately throwing money around, but rather not to deny yourself anything that gives you pleasure or makes your life easier. In my case I don't have an excessive need for "things" but I am always happy to pay for services. To me, the best things about having a few extra bob is that if there is some item or experience that I want, I can have it. And that I never have to do something that I don't want to do, assuming of course that there is somebody else willing to do it for a price.
The aim is to strike a happy balance between extravagant excess and petty miserliness.