I didn’t fritter it away, but I was homeless after my divorce for about nine months. One of the best things that ever happened to me in hindsight.
I know the value of everything, and I want everything I have.
Being seriously hardcore poor is an experience every person should have at some point in their lives. It really helps clarify what is important and what is not, and provides a spiritual enrichment for which no other experience can substitute.
That’s why so many religious orders include a vow of poverty. They know.