There's this weird obsession with having to optimize everything and getting the latest and greatest shit before you can even start about thinking of doing stuff. In reality, it's never really been that way. You make do with what you have and try to get most out of it.
In reality, these plugins and libraries and software etc. don't mean shit. They're all OK and you can make good music with any selection of respectable products. Even monitoring IMO isn't that big of a deal as people would have you believe. Obviously you'll need something that's up to the task, but it doesn't have to be the same stuff Alan Meyerson or Bob Rock have mounted in their studios, and doesn't have to cost nearly as much.
For me, the biggest roadblock was always acoustics. Who has the luxury of being able to set up a studio under ideal conditions, after all? You're either working in some square room in your house or apartment, or the ceiling of your makeshift studio is too low, or you're stuck in a corner, you've made your garage your music space, etc. But that doesn't mean that you can't do anything about it. You can't make a bad room perfect, but you can still make it better than it was before. Some re-thinking and reorganizing, stuff like DYI bass traps etc. (everyone should make their own!!) - there's a lot that can be done.
I'll gonna be building my own little facility this year, but it's only because of making music under suboptimal conditions for many years that I even have a clear picture of what I'm even going for and what needs to be done and how it's done the proper way. One can always upgrade, but you can never let the fact that you don't have something get in the way of doing stuff.