Everybody is different.
I have a ton of expensive cookware, some of which I rarely use. It makes me happy to have it though, while others couldn't care less. At certian times having the good stuff really makes a difference in my ability to cook. At other times smacking a heavy pan on the stove makes me smile, and that's it.
Same goes for fishing gear. As long as you pay off your credit card every month, put in your time on the water and don't get jaded by the gear, there's nothing wrong with it.
It's just a hobby
-spence