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pjeby comments on So you say you're an altruist... - Less Wrong
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Implicit premise, that I haven't seen anyone point out:
It is assumed that while charity has a variable utility anywhere between 0 and X, selfish spending has a utility which is less than 0. This may be true in most cases, given that many people waste their money on disposable, consumerist garbage, but when considering somebody who spends frugally, their monetary utility will be in the positive sums (though arguably, less than any given charity).
Also, note that rich people have a tendency to engage in charity anyway; this suggests that once you have enough money to buy whatever you and/or your family might want, you gain more utility by giving it away than you can obtain by buying more stuff. Conversely, if you don't have enough for things you want or feel you need, the idea of giving it away to other people might be of lower utility.
(This assumes that utility is both relative and personal, of course, as otherwise it is impossible for two persons to profit from trading with each other.)