If you do it unnecessarily yes. In my mind the people who should be frugal are the people who need to be. If everyone was frugal half of the economy wouldn’t exist as there would be no personal trainers, private chefs, private security guards, tutors, landscapers, painters, yacht crews, private jet crews, upholsterers for those yachts, private jets, motor homes, and a bunch more I don’t care to list. The upper middle class and upper class provide a lot of demand in the economy because they aren’t frugal. If you have the means no reason to nickel and dime and deny yourself or your kids a new car, a better hotel, better plane seats, better clothes (yes $100 jeans from guess or AX are better than the $30 ones at zara).

In business it takes money to make money as it does in real estate. The people who do the best take out loans to buy rental properties while those who pay cash have at best a 10% yearly return.