The more I look into this the more questions I have as well. Like where am I bugging out to? From where I may be stuck to where I need to get to (Home? A place of gathering for family?) Or a permanent bug out bag?
As I've started laying out mine and started "prepping" a bit, there is one thing I've come to understand. IF your or my, main plan is to bug out LONG term and not return to my house or somewhere else with supplies. You and I can save a LOT of money on prepping because there is NO way to carry all of the necessary items for long term survival in one bag and cover any kind of ground without resupply.
A great example, I just bought 800 rounds of .45 ammo (Got a good deal on some range ammo), I also have similar amounts in other calibers. While carrying the 800 rounds in the house, I realized there is NO way in god's green earth I could cary just that ONE round in any kind of quantity for a very long distance. Now add a second or third caliber and you are weighted down way too much in just ammo. So if you are going to bug out long term go with a .22 rifle and pistol, not because it's the best round for any one thing, but because it's the only one you can carry 1000 rounds and walk anywhere lol.
Then I'd go with good boots, knife, fire making materials, water filter, some light weight food, and some other basics. But remember you are carrying it! So keep it VERY light or you won't be moving fast and if you move slow your journey will be short....
Maybe this is obvious, but put everything you think you need in your pack and just try to walk 5 miles, let alone roam the earth for the rest of your days....I plan to bug IN unless there is no other choice, then I will take the car. But I'm not stuck in an urban environment, and I have 3 young children you better believe they aren't walking far, fast or QUIET. So bugging out is not an option really for me. I need to plan FAR ahead and see trouble on the horizon and leave to safer areas well before there is no other choice. For that, I have all the preps I need.
Just my two cents....But I do at least minimum prep and think everyone should. But I also think that I was on the wrong path at first but caught myself soon enough that I saved myself a lot of money!