Yes, that's the mentality that most rich people have had so far and that's why they're now the richest in the graveyard.

Look at Bill Gates. He kept his money in dividend-paying stocks (mostly Microsoft) and spends money constantly on charity, working on it full time and spending tons of money on it.

But his net worth has remained basically flat since 2014. Why? He's spending all the interest, and it's still billions per year.

It's a pretty good strategy. If he spent all his money at once he'd be out. By spending all the interest he can keep it going forever, while actively managing it, and then set up a bulk payout when he dies.