What kind of friend is this?

He/she complains they never have money to hang out yet they buy the newest iPhone every time it comes out and iPhones are like really expensive. Says they will hang out and plans stuff with you yet when you text them a day in advance to confirm they don't answer or they cancel and if they do either of those they are on social media posting selfies. Is this normal and what kind of friend is this?

A friend who doesn't want to be your friend.

A friendship is mutual. Don't start 3 conversations in a row or invite someone 3 times. After two times, stop and let them do it the next time. This will always work to help distinguish who wants u in their life and wants to spend time with you and who doesn't.

They sound like they're hinting that they want to hang out less, much less. Just leave them alone and if they never initiate contact for hanging out then it's a pretty good sign that they aren't interested in having a friendship.