When I started buying decent/better equipment in college I spent a WAY higher percentage of what I had on it and records than I do today. The equipment especially bordered on obsession, constantly swapping equipment. Looking back, much more than I should have.
Now, I think I should spend more, but I just can't justify it. My system sounds fantastic and I am always caught by surprise hearing something new or better. When a small (or big) change improves things a lot, I can appreciate it, it is just harder and harder to do.
I will continue to try to buy records I will listen to in my normal playing rotation (not "collecting" ones I will never listen to) and only buy equipment when something breaks irreperably (thankfully an extremely rare occurrence) or the stylus burns out on the cartridge (retip or get a new one) or I get some "mad money" that I feel compelled to spend on new speakers or an amp. My expectations of the improvement/returns on the investment are diminished, as they should be.
A much bigger change would be moving my system into a new room, which isn't happening.
The people who are into the equipment as a hobby and are still like I was in college are free to do what they want, always trying to improve. But once you see the light, it is a relaxing comfort. I think as you get older, that is how it should be with pretty much everything. It is called wisdom.