For each person, there is probably a reasonable balance that can be achieved... each of us can (and likely should) figure that out for ourselves. Sure, most of us like nice stuff (cars, houses, motorcycles , geek stuff, clothing, etc.), but there is most likely a point at which it goes beyond reasonable. As we become older (wiser?), we realize that having as much stuff as we used to have is probably not very important, so we "downsize" to some extent.
I recall having to clear out my mother's house a while back. She was truly a product of 'depression era thinking', having grown up during that time. "Never throw away items that you may need someday," she would say as she lived a financially moderate lifestyle. I enjoy a nice vehicle and a nice motorcycle - I won't even get into the geek stuff I am into - but there are those who show a bit of sneering resentment when they see either. Comments such as, "must be nice!" are answered with a simple, "yes" and a smile.
Someday, I will "downsize" a bit more.