(MONEY Magazine) – I quit golf last year. Again. The time and money it demanded, not to mention the frustration it caused, had gotten to me, and by late fall I had sworn off the game completely. But then came this year's Masters. As I watched Tiger's extraordinary victory amid the televised perfection of Augusta National's sumptuous course, I felt a familiar tug. I'm like a suburban Michael Corleone with a 20-something handicap. Just when I thought I was out, golf pulled me back in.

Looking to justify my backsliding, I rationalized: How much could this simple little stick-hits-ball-in-hole game really cost? Turns out no one really knows. Golfers are fetishistic about their equipment and are famous for sparing no expense in the pursuit of a lower score, so plenty is known about how much a particular driver or a round at a snazzy green will run you. But no one seems to have assessed exactly how much it costs to be a golfer. So I decided to try to put a dollar amount on what golfers spend on their obsession. How much, I asked, does the golf itself, plus a full complement of gear, really cost? The short answer: more than I had ever guessed. (For a look at the numbers in disturbing detail for three different types of golfers, check out the table on the facing page. Warning: It's not pretty.)

GREENS FEES. The highest annual expense for a golfer most years is, not surprisingly, playing golf. Last year, I played at Silicon Valley's CordeValle, a luxury club for dotcommers that is among the nation's most expensive. The course is breathtaking, challenging, maddening and a blast. It costs $250,000 for initiation, with annual dues of $3,600. But golfers without that kind of green can still have a great time. The average country club membership is $9,500, plus hundreds of dollars in annual dues and up to a hundred for each round. (Of course, country clubs offer attractions well beyond the big yard out back with 18 holes in it, like swimming, tennis, cards and parties.) Public courses are much less expensive, averaging $36 a round, including a cart.

The best deals around, however, are often found on "daily fee" courses--private clubs that allow the public to play for a fee. Many of these are beautifully maintained and surprisingly affordable. The national daily-fee course average is only $40, including cart. Cog Hill in Chicago, for example, is No. 64 on the prestigious Golf Digest annual list of the 100 best courses, and for $120 you can play its Dubbs Dread course, walking the same earth as competitors in the Advil Western Open. Naturally, some places cost more than others, and tourist destinations tend to jack up the price. The average daily-fee round in Nevada is a whopping $90 compared with North Dakota's $17. Bottom line: The moderate golfer spends an average of $600 on greens fees during the course of a year.

WOODS. Roger Maxwell has spent his life in the golf industry. He left his post as president of Marriott Golf to start In Celebration of Golf, a retail operation that sells not only clubs and balls but also golf art, antiques and travel packages. For a guy who happens to carry a 5 handicap and has a sister who's won the U.S. Open three times, Maxwell's pretty folksy about just how much gear makes the golfer. "The average golfer doesn't need a $500 driver and shouldn't play with clubs that the pros use, which are actually much harder for ordinary golfers," he says.

Maxwell recommends woods such as Callaway Big Bertha Hawk Eyes or Callaway Steelheads, which are "forgiving, nicely crafted and made for everybody." A Hawk Eye driver, a 3-wood and a 5-wood list for about $1,500 as a set; the Steelheads are $1,125. Don't be fooled by that suggested retail price, however. No savvy golfer pays list price for anything but the hottest new clubs. A 20% discount is standard at an on-green pro shop, and 30% to 35% reductions can be found at discount off-course stores. According to Maxwell, the dealer's wholesale price is about 56% of the manufacturer's suggested retail price. So a top-of-the-line driver that lists for $625 wholesales for $350 and will sell in a store like his for $500.

Prices come down after a club has been out for a few months. When the ERC II came out last October, those who wanted the controversial driver (which is banned by the United States Golf Association, by the way) had to pony up $560 to $580. The very same stick is starting to show up for $450 to $500. Not bad for a club so springy that a golfer who can't hit 200 yards with it probably needs a rocking chair more than a driver. Me? I've been murdering the ball with my Orlimar Tri-Metal Driver (now available for $240), a gift from an old boss, but mishits can be a problem. Like autos, new models of clubs tend to arrive in September, though manufacturers have lately been releasing premium clubs willy-nilly to attract attention.

IRONS. Golfers seem to spend much more time selecting their drivers and putters, but the irons--3, 4, 5, 6, 7, 8, 9 and a pitching wedge--are really the workhorses of any player's bag. Two years ago, I replaced my trusty set of Titleist Lite 100s with a new set of updated Lite 100s. Look to spend around $100 a club when you buy a complete set of irons--Ping's i3 series, perfect for a serious but not addicted golfer, retail for about $110 each.

Most golfers will do well to stick to graphite shafts, which are more flexible than the steel shafts that nearly all pros play. This is a rare instance in which the gear the pros use is actually cheaper, but with steel shafts you'll feel as if you've chopped down a forest at the end of 18 unless you're as true with your swing as Tiger is with his Titleist DC 990s. If you're looking for a hybrid, I'm hearing good things about the Adams Tight Lies GT Irons, which put a graphite tip (hence the "GT") on a steel shaft. Haven't played them myself, but they're reasonably priced (less than $100 each) and can be fitted for men or women.

Speaking of fit, a good club fitter will determine your club head speed when helping you choose the irons that are right for you. A typical question will be how far you tend to hit your 6-iron, so some time on the range with your current 6 is a wise investment.

PUTTER. A thousand putters will do the job well, but I'm partial to Ping, which makes more than 60 models, for both styling and balance. Choose exclusively by how the club feels to you. If it feels like a good putter, then it is a good putter.

BAG. This is where golf fetishism can get goofy. Bags can go for up to $500 (not a misprint), but $100 to $175 should do the job splendidly, so long as it has the following: a built-in stand (preferably with legs that automatically extend when the bag leans); a dual-strap system (so you can wear it like a backpack or over one shoulder); water-resistant fabric; a soft cover (so shafts don't scratch); five or so pockets of various sizes for balls, valuables and accessories; and a low weight (a five- or six-pound bag sounds flimsy--until you've carried it a few miles).

BALLS. I'm thrilled when I can finish the 18th hole with the same ball I teed off with at 1. That doesn't happen often. Luckily, $25 buys a dozen of any number of excellent hardcover balls--Max-Fli, Pinnacle, Precept, Titleist or Wilson, to name a few. True, you can pay $52 for a dozen Titleist Pro VI 392, to name the hottest premium ball, if you want, but I'm digging the Precept MC Lady. Don't yell "sissy" at me; lots of guys are playing it, so much so that they're calling it the "laddie," and a great feeling, great playing ball knows no gender.

GLOVES. Stick to cool leather gloves like the classic $17 FootJoy Sta-Sof.

SHOES. FootJoy and Etonic are the classics in golf footwear, though Nike and Adidas are coming on strong. I prefer a shoe that's not all leather. Anyone who's walked a round in shoes that aren't properly broken in understands why the faster-wearing composites ought to be considered. FootJoy DryJoys are terrific, with a gel insert that is comfortable and wicks sweat away from your tootsies. Expect to part with $100 to $130.

GETTING BETTER. Golf books have made a lot of authors rich and a lot of golfers poor, but the two that any player ought to have are Golf My Way by Jack Nicklaus and Ben Hogan's Five Lessons: The Modern Fundamentals of Golf. I'm told also that Bobby Jones' instructional videotape, featuring actual 1920s footage of the legend talking about his swing, is a life-changer. Take subscriptions to Golf and Golf Digest ("All Tiger, all the time"), throw in a bucket of range balls, and voila, you're a terrific player. Hope I see you on the links before I quit again this fall.