In one of his last interviews Munger explained why he didn´t want to live in a very large fancy house:
″[Buffett and I] are both smart enough to have watched our friends who got rich build these really fancy houses,” Munger said. “And I would say in practically every case, they make the person less happy, not happier.”
A “basic house” has utility, said Munger, noting that a larger home could help you entertain more people — but that’s about it. “It’s a very expensive thing to do, and it doesn’t do you that much good.”
Another drawback to owning a mega-mansion, he added: Such an ostentatious display of wealth could spoil his kids by encouraging them to “live grandly.” Munger had nine children across two marriages, including two step-sons and a son who died of leukemia at age 9.
″[Buffett and I] both considered bigger and better houses,” Munger said. “I had a huge number of children, so it was justifiable even. And I still decided not to live a life where I look like the Duke of Westchester or something. And I was going to avoid it. I did it on purpose ... I didn’t think it would be good for the children.”
Expenses, Envy and Ego goes up and it's not good for the children.
First you shape/chose your house (environment) and then it shapes you.
The same goes probably for big expensive cars.
I always considered a larger house, but it sounds like a No-Brainer to avoid it. Feeling happy in my mid-sized house.
Anyone with the same observations?