This. Do not overinvest. I purchased USD 4k worth of equipment, which a year later sat mostly in its bag. Rarely bothering to bring it anywhere because who wants an extra bag in addition to all the other baby stuff you are bringing along. I would still have gotten some less expensive but still decent gear, for taking the occasional "extra nice" photo. Not being a pro, the idea of having a great camera around when there is that opportunity for a great show which comes along - in my experience, if you need a minute to get it and set it up, that opportunity is gone - the child is now focused on something completely different. Get a phone with a good camera, and keep it around.
Don't take tons and tons of pictures, try to take a few good ones, immediately after taking shots delete the ones which do not cut it on the camera, and do some additional filtering afterwards. As I read in an interview with a well known photographer, he thought normal family pictures were on average better with the pre-digital technology, because pictures were expensive, film was limited, and so you had to make more of an effort to compose and time a shot. Now people seem to instead want to take 15 pictures and hope that one of them is good, perhaps without thinking too much about composition. Which generates loads of mediocre pictures. By filling up the harddrive with stuff, the value of the individual pictures are diminished. After the 1 year birthday party, a relative gave us 500 pictures they took with their camera. Seriously, there is nothing going on in a 1 year birthday party which takes 500 pictures to document, unless the parents last names are Kardashian and West.
Storage on the other hand ... make sure you have multiple copies in different physical locations, and not only that cloud stuff which can go belly up completely outside your control. And make sure there is some incremental technology involved so that some older copies cannot be messed up by some kind of failure, virus or whatever. It does no good to rsync with deletion over your previous backup, just to discover the source folder has been emptied by mistake.
So don't overinvest in gear, take only a limited set of pictures of actual value, and overinvest in keeping those safe.
And even more important - make sure to store copies in your analog computer. Yes, experience the moment and save a picture in your brain, which will still be there when you lose all your harddrives. Seriously - I was in the Louvre watching a Japanese tourist enter the room, going up to the painting of Mona Lisa, and leaving again - never once raising his eyes above the display of his video camera. He went to France perhaps the only time in his lifetime, and did not bother to actually look at the world's most famous painting. If things get hectic, forget the camera and use the two lenses next to your nose.