Source. Not players or other electronics - source material. I'd already gotten to the point of getting almost all gear used (or doing my own for room stuff), so the only significant expenditures for really new stuff is source.
I also measure this more in terms of overall investment (money + time + whatever) than just funds. Yes, I freely admit to having put most money into speakers (the only things that actually make sound...) and there is just a little money in amps, etc. If there is any truth to "you get what you pay for" then if you want good sound you have to have something that makes good sound - ergo I am in the "speakers first" camp (and if you're into analog sources then there is also some consideration there, too). You can find good gear and good deals if you spend some darned time looking, so the actual dollar outlay may not be nearly as big as some others have spent. Other than that the investment in finding decent electronics and getting the room(s) set up is kinda ongoing and is now measured more by time than $$$. But the investment in source material is never-ending...
I also measure this more in terms of overall investment (money + time + whatever) than just funds. Yes, I freely admit to having put most money into speakers (the only things that actually make sound...) and there is just a little money in amps, etc. If there is any truth to "you get what you pay for" then if you want good sound you have to have something that makes good sound - ergo I am in the "speakers first" camp (and if you're into analog sources then there is also some consideration there, too). You can find good gear and good deals if you spend some darned time looking, so the actual dollar outlay may not be nearly as big as some others have spent. Other than that the investment in finding decent electronics and getting the room(s) set up is kinda ongoing and is now measured more by time than $$$. But the investment in source material is never-ending...