Based on that approach, one should: 1. live the life of a king, but go out as a pauper (ie: spend all their wealth today); 2. go into debt and never pay it back (ie: the banks can't chase you to the ever after); 3. leave it to the kids to pick up the pieces after you have gone.
Alternatively, you can build up a nest egg to use tomorrow, as well as to pass on to the family. My philosophy - build it for the benefit of oneself and the family, and so that your kids can have a better start in life tomorrow than the one from which you yourself started from.
But that's the difference - being generous to oneself and the family, and looking to the future, or looking our only for one's self.
