When starting a 2nd game in Torchlight you can transfer all you items, weapons, armor and even rings, spells, ember and fish to you new character without having to delete your original character(s). As you explore the mines in torchlight the loot drops become more powerful and so do the item sold by merchants. Once you accumulate all the higher level armor and weapons you want. Place the best of your low level items, potions & no longer useful items in the Shared Chest in town. Works best with level 1 and 2 items or those that don't have a level requirement. Create another character of the same class by exiting to title screen in the start menu and pressing new. There's no need to delete your old character. When your new game begins you can raid the shared chest for better starting armor, weapons and even potions, ember and spells. Then sell the rest for money. This works for all items except quest-fulfilling items. Repeat as needed as you advance your higher level character.