This is an interesting thread. Though I don't think there's anything wrong with possessions so long as they don't interfere with the more important aspects of your life: yourself, friends and family, perhaps religion, hobbies, etc.
Just a thought why not try selling some or all of your stuff for probably/arguably the BEST of each field.
Handgun: Colt M1991A1, perhaps the best there is, and a .45 no less run around 800 USD for a new one at the most. Either a Ruger or Browning .22 semi for plinking or a .22 conv. kit for a 1911 should run in the 200-300 dollar range.
Watch: Though there are a lot of great ones the Seiko 007 is almost unbeatable(but I must admit I've switched to solar Citizens) the Seiko should be available for under 200 dollars new.
Pen: Waterman Expert Rollerball (with pilot G2 refill) OR if you prefer a fountain like me get it

should be a little over 100USD at the most.
Rifle: Centerfire Mauser 98 (8mm) can get one around $200 and it will out power and outperform most new guns. Rimfire: Marlin 795 (my personal favorite) should be $180 or less
Shotgun: Can get a good 12 guage pump for around $400 or less.
Knife: Fixed: Becker BK7 $50 or less
Folder: Spyderco Delica $40 approxiamately.
Illumination: 4d Maglite $20 or less
SO you'd end up with GOOD knives, guns, pen, light, and watch for approx. $2290.