Really key concept for me. If you accumulate just to accumulate and have no idea of how your accumulation can help you reach your travel goals, you can easily have 500K points that won't get 1 person much of anywhere. If you think that sounds silly, try booking a flight in business on USAirways to London in the middle of December for a week (as high as 350K Dividend Miles) and then set yourself up with a decent hotel with Hilton or IHG. That'll chew up more than 500K, right there.

Or, if you have a defined goal, a strategy using the techniques for earning and using miles/points discussed here tailored to meet those goals, and a willingness to be flexible, you can make 300K points get 2 people to some pretty nice places. Like AA in coach to Rome for their off-season price of 40K RT plus seven nights at the Comfort Hotel Bolivar (70K total for seven nights).

Unless you're retired, have lots of vacation time, or just like to take multiple weekend airline trips (not my style but understand that there are plenty who do this), the chances are pretty good that you can't use all of the points you accumulate in a year. And, of course, if your travel goals include business or first class flights only and a fancy hotel upon arrival, you'll use points at a higher rate. I understand that attitude, by the way, because I no longer can handle a cramped coach seat for more than about four hours--but when I was half my age now, didn't mind the coach seat if it got me someplace cool.

Points are a means; travel is the goal. Concentrate on the goal.