How often should you apply SharePoint patches to your farm?

We don’t really have a dedicated SharePoint Administrator so we’re trying to figure out how often we should be applying SharePoint patches or cumulative updates to our farm.

In your opinion, is it better to:

1. Apply them right away whenever they come out
2. Wait until a couple come out and then apply them on a -2 schedule
3. Wait until a service pack comes out and apply them all at once
4. Only apply a patch if it fixes a specific issue that you are experiencing or a potential security threat
5. If it ain’t broke, don’t fix it – don’t do anything until you upgrade to SharePoint vNext