Cubby I pay cash for everything now. If I can't pay cash I do without. I am trading in 4 sleds so I only have to come up with the cash for the differences plus the cost of the Yami(my boys and I will have 5 sleds this year). I have 2 years left on my mortgage and a huge mortgage on the place I run my business out of but that is it. Not sure luck had much to do with my financial situation though. I have done the same thing in the same place(my business) for 25 years. I was 42 before I bought myself a brand new truck. Instead of buying expensive sports cars or a big boat I am buying sleds. Things could change for me in a heartbeat. If my income gets cut in half it can't bankrupt me if I have no debt. If I have to sell toys to get by I sell them. I just have been in a spot where I owed more than I could pay and it was miserable. Paying off debt(mostly business, but some personal) cured me of wanting to be in debt.
PJ you don't have to go on the attack just because you don't agree with what someone posts. You are the guy who spent 4 pages defending being on unemployment for 2 years. Obviously you didn't learn from that lesson but don't worry the rest of us will support you and your family if you lose this job too.
Paying down debt, saving for kids college, having an emergency fund, having a retirement plan, investing back into my businesses etc all has to come before toys IMHO. If you are a single young guy the only person who gets hurt if you over extend yourself is you(other than your creditors), but with a wife and kids I have to think differently.