money and time are meant to be spent. wasted is pretty much how it all winds up.
I had a friend sink almost 1000 US into an old frame he had sentimental value to, and snapped it less than six months after the upgrade.
yes, buying old bikes is almost as bad as owning a sailboat. you can spend way too much on them way too quickly, but as long as you keep you and family fed and roof over your head, why sweat the small stuff?