pdboddy:
There are a few ways to deal with player shinies/gold/equipment without being malicious or mean about it.
You can take the hardest way out, own up to the players and explain that you've been too generous and that you are concerned about keeping them challenged and not wanting to go through tedious means to remove some of their stuff. You'll have to hope they see and understand, and allow themselves to be depowered/deprived a little.
This brings up another point. When a GM is starting out they need to be upfront with their players as to their level of competence. Just like when you first start riding a bicycle you need training wheels, they need to be aware of your limitations.
So don't be afraid to ask for help from other GM's in your game or out. Also don't be afraid to admit when you are wrong. Pride leads to more trouble than anything else. Let your group know if you screwed up, they will forgive you, and help you make adjustments to compensate.
One of the examples of this is when you accidentally send the group against a foe too powerful for their capabilities. Not where they have gone somewhere they shouldn't but the planned boss fight is just too powerful. When you realize this apologize for the mistake, and allow them to escape. It happens, we've all done it, and you just learn from it.
Eventually you have to take the training wheels off, but expect to fall a few times. Just like riding a bike, you'll get it.
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Another thing. Your job as GM is to make a fun interesting and challenging story. Your job is not to kill characters. (Unless you are playing a horror game like Call of Cthulhu, then have at it. Or Paranoia. The computer is our friend...) I've seen too many GM's out there who think that their job is to kill characters. That will lose you players. I'm not saying never kill a character, If the story goes that way fine, or if the character does something really stupid, (jumping off a 1000 ft cliff and turning in to a goldfish halfway down,) sure kill them. But avoid the rooms of instant and assured death, and the 400 hp dragon at 3rd level.
Challenge yes, but don't be a killer GM. Allow your players the option to run if necessary, or to win if they come up with a clever way around an encounter that you had expected them to lose.