But look at his condition now. He could not deposit a few thousand rupees in hospital when Baa got pneumonia.
He was once a very rich person but now some person gave him a few coins considering him a beggar.
Therefore, it is important that one should keep some money for himself. When Mihir left Shanti Niketan, then even though there had been huge loss in business, he still had lots of money at that time. If he wanted to give money to his children, fine. But he must have kept some money with himself.
Even if somebody wants to live simple life, then fine. Live simple life. There is no need of spending lots of money. But at least keep money for emergency.