If I can't make good photos with what I have now, I'll never be able to make good photos. Early on I got caught up in the "buy gear, be a better photographer" hoopla. If I could start over, I'd have used that D50 with 50 1.8 until it didnt work anymore and focus on reading and looking at photographs and shooting, shooting, shooting. Im past that. I have some decent gear now and that's nice but I spent way to much money before I had any understanding of how to "make a photo". My gear was "taking photos" and I had no idea why some were good and some were bad.
It took a while but I learned, like plenty before me, that no amount of gear can make up for a gross lack of knowledge and some God given talent. My pledge is to not buy a new piece of equipment unless 1) It's a direct replacement for something lost, stolen or broken or 2) Some how I started making a little money doing this, and the money from it allows me to purchase something needed to make more money.
If that never happens, I'll be fine. I've found the learning to be a rewarding hobby and the creation of photos entirely fulfilling.