The phrase "extravagant lifestyles" refers to the way of living that is excessive, luxurious, and includes spending a lot of money on unnecessary or lavish things. Full definition
The post pledged for those beneficiaries not to use the wealth created for extravagant lifestyles but for extravagant generosity. (crypto-lines.com)
Perhaps I have a distorted impression, but it seems part of the student loan problem could be rather extravagant lifestyles. (angryretailbanker.com)
This is shown to be true by the many Hollywood stars who have gone broke over the years, despite living extravagant lifestyles funded by a seemingly endless pile of money. (creditdonkey.com)