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Those very rich people who are extremely thrifty are not maximizing their money, because their cognition is better spent on their work than on a hundred dollars here or there. But I think what’s going on is psychological: those small moments of spendthriftiness increase the perceived valuation of money, thus increasing their motivation to work harder (even though they already have enough money for multiple lifetimes of satisfying any whim). They go into work after picking the cheapest gas station, then when they see the dollar signs on their monitor it is imbued with salient meaning that is otherwise lost through habit.
I think thrift is just associated with competence. Having long time-horizons and diligently looking for the best deals gets you a long way in life.
Though it does get ridiculous, optimizing electricity usage to reduce bills is silly for >10 M net worth.
It's silly for practically everyone outside of big ticket things.
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