I was just thinking of this today as I updated my camera insurance policy to include my 30D and my 28 f/1.8... Three years ago, I was shooting with a 2 MP Kodak DC 3400. It was a good camera for me, and really got me shooting a lot. Unfortunately, it also had absolutely no manual controls, and no way to adjust the image.
After shooting an amazing (to me at the time) 2500 shots with it, I needed more power, and bit the big one (well, I asked my wife for our anniversary anyway) and spent a whopping $275 on a Canon Powershot A75. 3MP (why need more, right?), fully manual controls available, etc. This is the camera with which I really first started to become serious about photography. Within 6 months I had taken over 3,000 shots with it, and I needed more. However, I couldn't FATHOM how anyone in these forums (or any forums) could ever amass these kits when they weren't pros. I understood that pros needed this gear, so it was a business expense...but the hobbyist? Insane!
So, two years ago, I begged for all Christmas and birthday presents to be put in to the "Buy Jordan a DSLR and some lenses" fund. After adding a bit of my own cash, I got my Digital Rebel, the Sigma 18-125, and the 50 f/1.8.
Then the small buying increases...mild at first: "I'll never need to spend more than $280 on a lens." So....tripod...only $220, but I got a solid tripod. Then telephoto lens (70-300 APO)...then Battery Grip. Then it all went to heck. I got a fantastic deal on a mint-condition, used 80-200L, which I snapped up (and nearly fainted as I handed the guy $550) and sold my 70-300. I followed with my Tokina 12-24 and then I switched my tripod system to Arca-Swiss...getting L-brackets, a plate for my 80-200L collar and a new clamp for my tripod....more cash down the drain. Add in 3 different camera bags, two sets of filters (77mm and 62mm), an impulse buy of a Lensbaby 2, and I was in....
Now, I managed a new 30D and a 28 f/1.8. The latter was only $400...a cheap lens, right! So goes the progression...from a huge outlay of $275 on a compact, to thinking that a $400 lens is cheap! And heck, after double rebates, the 30D is really only $900...pocket change! 
So...two years...I've owned 7 lenses, 6 of which I still have. I've owned 2 different DSLRs, and have shot nearly 13,000 shots in the last two years. The best thing: I enjoy photography more than before. I just want to keep on improving and busting through creative barriers. Seeking that perfect shot, that defining image. At least I understand now, but let it be a warning to all of you.
Oh well...now to dream about getting a 17-55 IS, a 135 f/2L and a 300 f/4L IS. 


Egads...you could easily buy two new cars with the value of your gear. 
