"You don't want to come to the end with $3 million saved, but having sacrificed your whole life along the way."
Of course, leaving an inheritance is still an important consideration, according to 57 percent of affluent Americans in the Wells Fargo survey.
But just remember that once the will is read, you are six feet under and no longer around to witness your family enjoy that wealth.
A Bank Of Memories
So try thinking of the concept of 'inheritance' a little differently: Instead of purely in terms of dollar bills, consider it as a set of memories which you can create together as a family while you are still alive.
"We have recently noticed a sizable uptick in clients who are more interested in sharing their wealth in the form of experiential gifts," says John Fowler, a planner in Keller, Texas.
"It might mean taking the entire family on a cruise, or paying the airfare to fly in to see grandma and grandpa in Arizona, Colorado, or Florida. At the end of the day our clients realize stuff is just stuff, but with a little effort they can create a memory for their families that will last a lifetime."
Keep in mind that splurging on yourself doesn't mean you become miserly with others. It is not an either/or proposition––you can treat yourself once in a while, and also be generous with charitable causes that are meaningful to you.
"People call me all the time to get permission to enjoy their money, which I heartily give them," says Dave Ramsey, a popular radio host and author of "The Legacy Journey."
"Often the thing that breaks it loose for people is to increase their giving because the more generous you are, the more you get permission to spend on yourselves."