I completely agree, but would like to note a common fallacy following this logic.

If my hourly rate is $20, I might think that a $200 phone is worth 10 hours.

The thing is, the majority of those $20 I make are probably already allocated to things like rent, food, transportation and so on. If those things account for 50% of my expenses, for example, the $200 phone is actually worth 20 hours of my time. (That is, unless all my necessities are already accounted for, and I'm working 10 hours on top of what I usually work to buy the phone.)

It's important for freelancers to account for what is essentially their "operating expenses" when making purchasing decisions.