Different take on Character Wealth

[MonkeyDragon]

If you're newish to DMing, I suggest starting a litle bit lower level. My favorite is three. Low enough that there isn't too much in the way of abilities and whatnots to wrangle, yet high enough that the PCs don't keel over if you look at them too hard.

As for treasure, I wouldn't reccommend messing with the wealth by level guidelines. It's hard enough to keep everything level when you have specific numbers to shoot for. Instead think about HOW you're handing the treasure out. Instead of stocking treasures with lots of gems and coins, give the PCs things you know they want and need, and limit the opportunities they have to purchase a lot of new gear. You'll know exactly what they have, treasure hoards are exciting cuz they'll be getting things they need for their characters, and allow a littls hopping to trade in old items for customization.

 

[Saeviomagy]

I'd say that giving PCs the ability to choose their own magic items (either at creation or through the existence of magic shops) results in roughly a doubling of the effective wealth.

That would make more-or-less perfect sense given that when you sell stuff it goes for half its normal value.