Do I need... MORE GEAR?

One of the biggest issues that a new triathlete encounters is the problem of "Do I need___________________?". The answer is Yes, Maybe and No.

In yes we have few needs:

(swim)
Swimsuit of some type (sports bra for the ladies)
Swim Cap (unless provided)

(Bike)
Bike Helmet (CSPC approved)
Bicycle of any type or age that is safe to ride.

(run)
Sneakers
sunblock

Seriously that is all you NEED to complete a triathlon. Clearly there are other items that will make things a lot better they are called maybe (which means after your first one or two it's a yes):

(swim)
Wetsuit
Swim Goggles/mask
Body Glide
Tri shorts, tri top/ trisuit

(Bike)

Road Bike
Clipless pedals/shoes (MTB or Road are both fine)
sunglasses
sun block

(Run)
Hat (consider headsweat)/visor
Fuel belt (for longer distances)

Now on to the the no part of the needs analysis.
You do not need an aero helmet, ZIPP Zedtech wheels, a Cervelo or carbon fiber water bottle cages. You don't need tubular tires, aerobars and powertap. If you WANT these items go ahead and buy them. If you think saving 40 seconds or so off of your bike leg is worth $4,000 feel free to spend it on the best wheels you can buy. if you are going for the podium then it may make enough of a difference. However if you are BOP work on getting to the MOP before making massive investments in this sport. Yes everyone wants to spend their children's college fund on the new SRAM Red but sit back have fun and keep some money in the bank.

I would agree it's cool to have a $10,000 bike but when you do the math you are going to have to keep it a LONGGGGGGGGGGGGG time to get your $ per mile back. Your car likely costs 40-50 cents a mile to operate. So you'd only have to ride 20,000 miles on the bike to make it even money. Considering the average rider does 2,000-3,000 per year it's going to be awhile. Additionally if you aren't over 20mph you probably aren't getting any real advantage anyway. Look at it this way. Instead of a $10K bike buy a $3000 bike and spend $7000 on a personal trainer/ nutritionist who can help you get to the lowest weight possible. That will be a much greater performance enhancer than the bike anyway.

as long as you can admit the difference between need and want you are on solid ground with whatever you do. Just remember for 99.9% of us this is a hobby and hobbies are supposed to be fun!