It's still that saying, going bankrupt once makes you wake up.

After going bankrupt, there is only one need: to survive. After a couple of months, you will find that 90% of your original spending was unnecessary, all just to pay for the stories told by others.

Especially if you have the opportunity to break free from working and gain basic financial freedom, you will find that you are much freer than you imagine, because most of your original spending was just for 'showing off' to others.