Jesus, Buddah, St Francis and that guy from seven years in Tibet felt that the way to enlightenment was to shed your earthly goods to become free. I'd like to be enlightened and on the road to spiritual freedom but I like to think I can wear nice clothes and drive a cool car getting there. Truth be told I don't always buy the things I want, sometimes I just admire them from a design perspective or know that although cool, I wouldn't really use them.
I'm not materialistic in any way that hurts anyone or financially taxes my family. Often I find myself wanting things I loved as a child, buying these things is a slippery slope I have not gotten on, mostly because I don't want to turn into a demented hoarder with shelves full of crap that I'll never use.
The philosophy behind honest materialism for me is that I appreciate nice, well designed things and sometimes find a place for them in my life.
One thing from when I was a kid that I'd like back is this Nick Fury comic that I used to have hanging up because the art was different from what everyone else was doing. Something that I appreciate as art I would probably track down and buy.