I think you meant to write "within your means", didn't you?

Second gen retired major captain. So here is my advice; Don't follow the crowd.

My dad lived right on the edge of his budget and took on plenty of debt. He went through a furlough and an involuntary base transfer. It was hard on the whole family because of the financial stress. He had lost his " captain castle" which I helped build in 1969. He died after 22 years of retirement with a near zero personal balance sheet, and owing money, including the IRS. Life can throw unexpected curves.

I learned from his mistakes. I'm retired now and still living in my dream "FO" home. Children really don't dream or care about living in a mansion, or owning a big boat. They care about stability in the family, and good experiences. That is more doable while living well within your means.

Invest in your family's emotional future. If you have kids, it is very likely they will need help at some point after they leave home. It's just the crappy state of our ever inflating economy and the fickleness of the job market. Be prepared for that.

Your legacy won't be positively affected because you own really nice " stuff", like houses, boats, cars. It will be about how generous you were with. your time and money.