You don't need every tool. There are multiple ways to get the same job done. There are some things I'd consider essentials. A table saw, drill, some decent chisels, and maybe a #5 plane. And you can get pretty far with that. You can get started for < $500, and be productive. A band saw is a nice addition as well. A planer is a super productive, and nice tool to have. I'd be lost without mine. But I COULD use a hand plane. It's just slower. I dream of having space for a large 8" jointer, but I don't so I get along with my #7 hand plane just fine. Honestly though, that #7 is a luxury too. I could do everything with just a #5 hand plane.