Parenting is an immensely broad topic and there is no one size fits all, but as a childcare giver of 20+ years I can share this:
Parents should aim to give children what they need, not what they want, regardless of how good your intentions are.
Parents often give children stuff (toys etc.) when they should be giving them love and attention. The toy or other possession will break or your child will get bored of it - because they have too much crap anyway - but your child will forever feel and benefit from the love in your hugs and the time you spend with them.
It's heart-breaking to see lonely children who feel neglected.