Frugality is a virtue. I come across many friends and clients who have built significant amounts of wealth with the help of this virtue. Frugal people usually defer gratification better than most. They are cautious with money.
But this virtue comes with a bane. Most frugal people are so careful with money that they tend to become risk averse. They justify their risk aversion by recounting how many difficulties they have faced while saving the money in the first place, so they must be cautious with it.
Success in investing demands frugality and systematic risk-taking. Psychologically this combination is rare but not impossible to find.