You should live "below your means"!
It's vital to save and invest, particularly for retirement. I am troubled by your definition, because it seems to equate living-at-means with spending no more than your income. That definition leaves enough room for the person with no debt whose account just hits 0 as the next paycheck arrives. You need an emergency fund. You need retirement savings (unless you aim to have a sad retirement). Life really works better when you are able to save for a home, buy cars with cash, take bargains when they're bargains, etc.
I observe some have an internal principle of pushing money away. As if money is toxic or corrupting, that one is contaminated by having it. There's a saying "money is the root of all evil" and it's wrong. Actually the saying is "the love of (avarice of, obsession with) money is the root of all evil." That makes a lot more sense. The Buddhists use he word shankara to describe something you have emotionally charged thoughts about.
But money doesn't have to be one. Different deal if you think of money as a tool... like a 3/8" ratchet. It has a job, it does something for you, and it's essential to your success, but you don't compromise your moral values in pursuit of a 3/8" ratchet.
Be strategic about it
It's about having a clear sense of what matters, what gives you true fulfillment. I know so many techies with houses full of once-used gadgets they tried on a lark and abandoned, or the home DIYer who buys a $200 power nailer because he can't be bothered to swing a hammer.
It's fine to think cheap, reusable, simple... But for your few key tools, make them first-rate. Is a Fluke meter better than a Gardner Bender? You bet it is. SawStop, Apple, Morningstar, Bridgeport, Stihl... If you spend a lot of time with that, make it something you trust and that work well. Don't you dare go through your life fighting the limitations of a weak tool. Same goes for food - that's a key tool, and don't eat rubbish.
And leverage skill -- my 20 year old car costs me less than $500/yr in maintenance because I do 95% of the work myself. And yes, that's averaging through big repairs like brakes, suspension and an engine and transmission change. (Is it still the same car?). But if I were in a different situation, I might need a prestige car. In that case, I would go for a well maintained classic like a Citroen DS21 or a 1980s Jaguar or Aston Martin (with a Camaro engine/trans/PCM retrofitted for reliability), again doing much of the work myself.
So an outsize, up-market, luxury home-for-entertaining is not incompatible with this philosophy, but it needs to be a consciously chosen priority, not merely done because the Joneses are doing it too.
All this to say, living below your means doesn't mean being frugal with everything. If you want to live simply but own a Beech King Air, then do it!