My thought is this. Materialism is no excuse to be a douchebag, but you may as well make as much money and have as much things as you can, if that's your thing. I'd much rather have a secure lifestyle than be a poor asshole with a lot of friends. As is, I've got the poor and the asshole part down, so I guess I've still got rich to shoot for when I finally graduate and get a real job.
All in all, I agree with Ayn Rand on the subject of materialism. Value is the keystone of civilization, typically represented by money. The desire to obtain it is what causes us to produce value and meaning with our lives (unless you're a criminal or religious; in which case you're a parasite or your meaning is provided from elsewhere, respectively)
In the end though, I guess it's most important to live a life you like. If that means lots of toys, go for it. If it involves donating all your time to charity, cool. If it involves killing a dozen people, well, then we have to string you up, but hey, you're still free to enjoy it you bastard.