As far as other equipment, I have save a lot for my son who is away in the service at this time. I enjoy upgrading for him too.
Most of my "hard gear" has amazing wear as well.
Knives are same story, I simply wear the blades out. Boots are worn slick. I do get a new bow every few years. I keep the last one as a backup and give away the next in line. I am on bow number 7 now and still have #6.
I keep binoculars, get attached to them. Have far too many great ones. Just cannot part with them.
Sometimes "the best" isn't needed or worth it... I've had guys ask what sleeping bag they should get and I ask them where are they using it. If truck camping in a wall tent then a decent cot with half dozen army surplus wool blankets would work fine, be very comfortable and cover most any situation.
If you're packing in on your back, money can save weight and bulk. Lots of money usually saves lots of weigh and much range of comfort.
IMO most of the time that's what "high end" buys you, weight and bulk (size) many times quality as well. Sometimes labor, sometimes comfort.... but many things the "best" only buys you a name. You have to know what you are buying, not like being sold something on a late night infomercial.
Most times dropping $500+ on a sleeping bag would make a person cringe. But if you wake up shivering and teeth chattering at 2 am and it's still 4 hours to sunrise.... you'd pay nearly any money to be warm and cozy. A sleeping bag salesman standing there at that moment could pretty much name his price. (For everything else there's mastercard) Think about that as well when you are budgeting and shopping. Too late when the teeth are chattering.
Don't just buy things. Plan them. Study them. Go on forums that specialize in what you are looking for. Forums (such as this one) IMO are the greatest tool for study as you can catch up on the latest and greatest and get input from folks actually using the stuff in the field. Not a cheerleader article in a magazine touting a paid sponsor. If you're looking for ultralight backpacking gear... ultralight backpacking forums are where you should be spending a few hours searching. Note: some sites require you join to search. Well worth the time and effort to join IMO.
May not believe it the way it looks now... but I lurked on this forum for maybe 3 years before I posted my first post. Now ya can't shut me up... but I can tell you in my lurking days I valued the input on things from folks who knew very much. Invaluable ya might say.
Sift through the normal forum flak and you get a quick feel for what "the best" currently is in what you are looking for. Narrow it down and then search for reviews on the exact item you're researching info on.
Then look for sales or my favorite.... lightly used, let them take the "new" hit and you get to help them with their problem..... patience and you can pick up "the best" for what mediocre would have cost or less.
I'm glad I became addicted to hunting out west and other adventure type bow hunts early in my 20s.
It has saved me money, lots, in the long run. I don't make much money like most guys but I do buy the best gear possible on the first go around... Binos, sleeping bags, packs, etc...
Research is key and now days with the Internet, there is no reason to not figure out what if what you are buying is worth it.
A wealth of info on these outdoor forums.
One of the things I hate is when I find something I LOVE and they stop making it or change it so much it is not even the same thing. I actually found a quiver I LOVE so much I bought a second one a few years later as a back up just in case they stop making them or the first one wears out or breaks and I can;t get parts for it! ;-)
I still shoot a 13 year Old Mathews Safari.
I figure that between the clothing and the bow equipment, compared to many of my friends, I have saved enough money to have completely financed a hunt or two....or more.
However, when I do buy gear (Optics, etc.), I buy the top shelf stuff....it performs the best, lasts the longest, and retains its value for a long time.
That said, I have also formed a great circle of friends....we share gear when we can. It cuts down on expenses....One guy has a Satellite phone, I have a great spotting scope, another guy has a cooler trailer that can be pulled by an SUV, etc. If we aren't hunting together, we stagger hunts so the gear be shared amongst us.
Today I still heed that advice. I am by instinct a person who either does 100% or nothing at all, so instead of buying a bunch of fishing gear for spring, which I am likely to use maybe 2x, I use that money for deer hunting equipment. I got tired of looking at fish anyway. I was a State Game Warden for 10 years and fish fish fish, every day- tired of looking at them.
I hunt 2 to 3 miles from the truck staying of course all day. In the Mississippi River Delta, it rains a lot and the daily range is high, meaning that at 5 am we need heavy thermal underwear and outer parkas, but at 12 noon we are down to a camo tee shirt. I needed somewhere to store these clothes dry all day, so I got a really nice set of dry storage camo bags. I needed a lite climbing stand, having had disc narrowing and siatic nerve problems last year. Got it too, the new Summit VP stand. We need the best of all rubber boots too. If you need a good review of cold weather rubber boots, ask a La Delta hunter. 19 degrees breaking ice in the swamps, wading almost to the top of knee boots, you need the best, and I am here to tell you nothing can touch Lacrosse. I am a firm believer, BUY what you need, and if necessary, do without in your less favorite outdoor activity and use that money toward your favorite activity.
Availability of discretionary income may make being patient easier or forcibly prudent. But even if you're coughing up more extravagant coin at the last minute, before or on your way to a hunt, buy the best quality you can when it comes to core items. It's not worth being miserable and ruining your trip, just wring the life out of whatever you do buy. Your amortized cost will be less.
With very few exceptions, I am where gear goes to die.