Without thinking too much about it, I would say that the use of present perfect refers to the decision or choice made (in the past) to sacrifice material possessions for values. The reason to use present perfect in this instance refers to the choice made in the past which has a relevance to the present. Sorry for any incoherence, it is 06:30am...:-)

To be honest, I have no idea why it would be present perfect, as that's not something a native speaker thinks about. It may have something to do with the idiomatic nature of the phrasing, but I, quite frankly, don't know. However, in response to the title question, it sounds perfectly fine to my ear.