For my listening pleasure, I spent a ton of money on my listening room/acoustics. Next is the cost of my analog front end. Digital front ends can sound great even if they aren't expensive nowadays, unlike the 50-75 CD players from the 80s and 90s that I tried. Speakers are very important in the chain and lucked out using great older speakers rather than new ones at a pittance of new price. I get SOTA cabling from a manufacturer as a beta tester and the rest of the electronics are custom made at a low price as well (my second CD only system costs $5k yet sounds better than 90%+ of audio show gear-simple but perfectly matched tube gear and 25 year old speakers).
Matching good sounding components is the key to good sound after accounting for the big elephant in the room-the room itself. I use Hallographs and SR HFTs to tune the room perfectly. Those are items generally not found in audio shows or audio salons. Too bad as their cost relative to their merits is well worth it. One can use lesser equipment in a great room but ruin great equipment in a poor sounding room.
My two bits.