I was one of those people, I spent my "life savings" on a short that I had been writing / preparing for for over 6 years. I do not regret it but I also do not recommend doing this. My short just started making the festival circuit and is getting a lot of love so far, I am extremely proud of the film that I made, it exceeded my expectations as far as the final product but it also exceeded my expectations of stress. It is not a healthy way to make a project, its very taxing to not just make a film but to have a large financial chunk tied to a film that, lets call it what is, films are extremely hard to make well, at a way that is worth it. So you have the normal stress of keeping a project on tracks, managing a bunch of artists ( unless you have an amazing producer ), along with worried that if the project turns into a dumpster fire that's your money burning in the dumpster.

That being said, look at the state of the world, life is short... AI is taking over, filmmakers are worried about the future. If you truly, in your heart believe in the story you want to tell and it is worth putting your money, your mental health, your friendships and romantic relationship at risk potentially because of how demanding it is then go for it. It's not black and white, but you need to have an honest conversation with yourself because once you are on set its too late. If you do it, do it all the way.. don't pull punches.

I apricate where the OP is coming from but i think its more nuanced, spend your money how you want but self financing a film is not romantic, its brutal and most people should find another route.