Then take 5-10% and splurge on yourself.  

Once I'm finished with it (its a SFR splurge to become my own home and an STR) I will likely cashout refi that or HELOC that SFR to pay off this line of credit and then repeat to use it to buy and/or renovate other things.   

Neither wants to leave their jobs as they both enjoy what they do .The wife and I still live in the house I built 2 years after we got married .As far as Splurging $$$ I bought a house on a lake in Northern Maine and a House on a Canal lot in Port Charlotte Fla.

I know it’s not the best way to save, but it’s nice because if I wanna splurge a little bit I don’t have to use my emergency savings or my expendable income.

Specifically, should I splurge on higher quality all wood cabinets, or buy plywood box cabinets with MDF doors to save money?

I'd save money on the cabinets with something like Ikea and then use that saving to splurge on countertops and knobs. 

And constantly reminds me to always splurge on as much insurance as I can get because he had a building burn down once.

You're doing it how I would do it, where I saved money on the cabinets and splurged on the countertops.If you go the Ikea route, just be wary of going overboard and getting everything from Ikea- faucet, handles, etc...You want to mix and match, where you're not entering an Ikea showroom.

@Rob Duhon,Splurge and get wood looking ceramic tile, it looks beautiful, easy to clean (for tenants and for turnover) ,tenants love it, waterproof, and as a bonus-- it's cold, so a lot of people put down rugs so it's another layer of protection!     

News and World Report, unnecessary splurges - yes, this counts - are among the biggest ways you'll waste money if you're not careful.Final Thoughts on Securing Your FinancesGood financial health doesn’t require a degree in rocket science.