The act of buying this stuff by itself is not necessarily irresponsible. People was just as much or more money on sport cars.
The fact that the person could not afford to keep it on the other hand, displays that they might have been overspending.
On the other hand, with the way the market has gone you really do not know. This person might have thought they had a safe nestegg, and now their stock holding have been split in half, and their dividends to almost nothing. Now, they are selling their stuff and maybe even their house to move to a smaller place and live out their life at more modest standards.
We really do not know.