I have put together what many would call a pretty good system, and it didn't cost an arm and a leg. First of all, I know what I want and how much I'm willing to pay for it. Then I scan the used gear websites every day, looking for the right deal. Somtimes it takes me 8-10 months to find what I'm looking for at the right price. I then pull the trigger, FAST.
Virtually all of my system, except for my TV and my Oppo BDP-93, I bought off Audiogon. And rarely did I pay more than 50 cents on the retail dollar for a piece. By doing so, I have been able to assemble a $15,000 system for around $6500. And I am quite happy with what I have. I do not run around chasing the latest and greatest, I am satisfied with what I have and do not upgrade unless I can find a smokin' deal on something.
That's basically it - know what you want, know what you're willing to pay, and have the patience to wait for the right deal. If you do this, you an be very happy for many years to come...
-RW-