It's funny, but I think the more casting experience a guy has, the less money he needs to spend to be happy with a rod. Like others, the few premium rods I have we're bought on Craigslist, eBay, and on consignment, for much less than retail. Most of what I buy these days is under $100 (for single hand casting). I appreciated high end rods a lot more when I was a weaker caster. I still appreciate them, and if money were no object, I'd bite on a few more.

I have found it's better to invest more in reels and lines, with emphasis on the lines for fly fishing. I don't go very high on reels either, but I think mid-priced ones are my sweet spot. The right balance of quality and affordability....

Waders are the one gear type that I spend a little more on. A $400 set of Simms or Dan Baileys will last 4x as long as something that costs $200 or less, so that's a smart investment, in my mind. I'm trying some Redington boots this time around. I can tell to look at them they will only last half as long as my previous pair of Simms boots, but they're also half the cost, and they look like they will be more comfortable (sometimes, a softer boot is nice). We'll see.