All of the above. It is an easy hobby to make big money mistakes on. That's for sure. I always try to listen to the product, what ever it may be. Thats's often difficult depending on where you live.
I always try to buy something that is low risk, 30 day trial, maybe used equipment that I can buy at a good price and there is minimal risk.
Avoid lateral moves. If you really like something and its a bit out of your budget, save and buy that ,rather than something that is just ok