Is it possible to be an audiophile and be happy with what you have

Life is that which ever must surpass itself!

Yes. It's taken about 15 years of experimenting and a lot of time, money and negotiating with my wife, but my system is awesome. I often have goose bumps and am almost moved to tears at the sounds coming from it. I consider my setup a proper 2 channel system, listen mostly to vinyl for serious listening and although I bought almost everything used here on Agon, all new it would retail for close to 100k. I think my passion, dedication over 15 years and investment qualify me as an "audiophile"

There is almost always room for improvement on your sound, but some of the tweaks are ridiculous and some people "buy" right in to them.  If you're looking for a huge improvement in your sound, as most of us are, I would suggest concentrating on tuning your room.  You can have the best system, that money can buy, but if your room is lacking, you're wasting your money.

Depends on how thick one's wallet is

To me what it is to be an audiophile is to be one who loves listening to music and always wants to hear it a little better if they can.   The last three words "if they can" are critical.  All engineering is a matter of design compromises and optimizing your result given the constraints you have.  For audiophiles, the most obvious is budget.  But there are other considerations - compatibility of a prospective new component with the existing system, WAF, room size and character, etc.

Contentment doesn't come having a perfect system.  It simply comes from within your own heart.  Just enjoy the tunes and enjoy the process of learning about your system.  If you want the most pleasure, then DIY is the way to go.  There's little more pleasurable than building your own gear and having it perform as well or better than a kilobuck commercial component.