I suspect a lot of people go through this. Especially people who came from the hardware era. We can own "all the plugins" for less than the cost of a single bit of popular vintage gear. Awesome, so why not?
But then comes upgrade-itis. The desire to stay current with your tools. The more you own, the more you spend maintaining the collection. But it's not just money -- it's the installation time. And if something goes wrong during installation the downtime can cost you even more!
Then there's the chase of always having the latest and greatest thing. After all, most plugins only cost as much as a nice pizza. (Sometimes a really nice pizza.) But eventually all those pizzas add up and now you're bloated. (Or your PC is anyway.)
Then you risk choice paralysis - where you have so many options it's hard to choose what to go with. So you spend a lot of time figuring out "Which plugin is the best for ______." That takes a long time.
Or worse, you end up with more plugins than you know what to do with. Then you have great tools that go unused because you don't know when to reach for them, or you forget about them!
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So how does one escape this trap?
For me, I probably need to stop reading so many online forums. Especially Gearspace, oh boy that's a dangerous one. What happens is you see others enjoying a new product and celebrating it, and it's almost like a social experience to get the new tool, explore it, and share your experience.
But all of it eventually adds up to time and money that could have been spent in a more productive way.
The other possibility is --- instead of chasing the latest upgrade to your favorite tools, view them like hardware. Stick with the version you have and just like hardware, only update it if something is wrong.
Another thing is to figure out the "best tool of each category" and avoid buying duplicates. How many compressors do we really need? Reverbs? Delays? Maybe it's better to have fewer tools and get to know them deeply.
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I don't really regret my previous expenditures. The time and money was worth it, because I discovered some plugins (and plugin makers) are better for me than others.
If I had stopped too soon, I would never have found my favorites. But I'm at the stopping point a lot of people reach, when they realize they have too much. The "everything bundle" is often the best deal, and that leads to owning every plugin by every plugin maker. It's too much!
So I'm scaling down and optimizing my process. Locking my machine into a great working state and keeping it that way until something critical requires an update...
This is a long post, but I thought I'd share it for anyone else going through the same thing.