I only have three bags: 50f, 32f and 20f and nothing like a $500 down bag, just simple effective stuff.
I try to keep my gear under control, but I do have duplicates on pocket knives and lights, but those items are inexpensive things. I don't have a drawer full of $500 knives, for sure. 90% of my gear is second hand. The stuff that is new came from eBay, close outs or some sort of deep discount. It is a hobby in itself really. You will rarely find me in a big box store or shopping mall.
If I upgrade some gear, I sell the other to help offset the cost, so it's a kind of serial gear-matrimony :)
I do have one of everything: puffy jacket and vest, mid layer, etc, and I'm well covered for 4 seasons. I wear hiking style clothing near 365, so that gives me plenty of excuse for having a few pairs of zip off pants and nylon button down shirts. I'm pretty much an Ex Officio poster boy. You will never see me wearing a suit and tie--- I think I have a blue blazer that fits and something approaching dress shoes (ick!).