My day job is in the relatively recession-proof health care industry: non-emergency medical transport. (er, for a "day" job I do a lot of driving at 3am in the night/morning

). My 2 "main" side jobs are paid church musician. I also am in a cover band that works about once a month on average, and I play on various other side projects throughout the year. Not much in terms of overall pay, but it sure adds up over time. I live with my mother to help her around the house; I was already there with her and my dad so I could help both of them with all the health issues they had/have. My father passed away three years ago, but as one of eight boys not married, and the eldest at that, I felt someone should be there to help my mother. Any past SOs understood this and backed me on it. I sold my condo before moving in with the 'rents, so I have no mortgage to speak of (thankfully). I do help my mom with her bills (utilities, phone/TV/Internet, etc).
The tricks to getting all my music gear have already been noted throughout this thread. I have only bought three total instruments brand new; the vast majority of gear I have was bought used. Thus, my well-past-$2500-in-cost-new Modulus 6 string was bought for $1800. I buy relatively low-cost basses (ex., Lakland 55-01) and upgrade them with better components as I see fit (ex., 55-01 now has Nordstrand Dual Coils pickups, Nordstrand 3-band preamp and switch options galore). I always make sure that my budget allows for getting any new gear (all bills for the month are paid first), and that I will USE IT!! I tend to keep whatever I buy; only three of my instruments have ever been sold/traded in over 20 years of amassing what I have to this day. Between my two church music gigs and band/side gigs there's plenty of opportunity to rotate instruments in and out for playing time. I'm happy for the variety, and my guitars and basses don't get jealous of each other for lack of playing time.

Having said all this, I don't think I will ever have more than 30 or so total instruments (guitars/basses/amps/etc) in my herd. Unless I was uber-wealthy, I can't justify more than that. Well, maybe not even if I was that uber-wealthy...collecting just to collect ain't me.
Summary: make sure I can afford it, make sure that I will USE IT!!, buy used/cheap and upgrade selected components when it makes sense.
Joe Hilgeman