The smart ones will never touch the principle, and only spend the investment income that is left over after a certain level of reinvestment required to keep investment income growing with (real) inflation. You actually need quite a bit of money to do this.
Real wealth buys someone time and freedom from having to work ever again, which frees one to pursue interests and life endeavors as they come and go. Time is the measure of wealth, not houses, cars, vacations, etc.