The truth is, I am not the type who is gadgets freak. Even though I have all the money in the world, I will still go for a smartphone that will enable me to perform the basic functions a phone is known for. I am not the type who sees gadgets as asset. I guess the reason for this is because I don't see having expensive smartphone as way of proving to people I've arrived.
From what I have observed, most people like to spend the money they don't have on gadgets just to impress their peers or girlfriend in order to be seen as rich. Some even go as far as going out of their ways by borrowing money they don't have just to buy latest smartphone, and yet they can afford the simple things that make life comfortable.
Lastly, if really I want to budget an amount on smartphone I consider worth my money it shouldn't be more than $500.