I travel hack, and like many I churn and burn. But I will try to get good value for my points, and lately I'm trying to be more efficient in how I use them. It used to be that I was very simplistic: "Oh, I have enough miles in my account for this flight, so I'll book it." Now I'll compare across airlines, routes, layovers, points/miles currencies, etc. There are plenty of tricks out there and plenty of travel hacking websites to learn from.
Someone mentioned selling points. I've done that with success once, but now I have a hard time doing so. I know the broker is reselling them to some traveler who is getting more value out of them than whatever I got paid plus the broker's markup. In my mind, I'd rather be the traveler. However, I think the traveler sometimes may be using my miles for a trip that I wouldn't or can't take. I've only done it with a miles currency which is easy for me to accumulate but hard for me to use.