Invest in Yourself:
If you have got mad skills, then maybe it's a good time to do some research on music equipment to establish your own home studio. It’s okay to borrow sometimes, but it’s much better to have your own setup when inspiration strikes, instead of working around someone else’s schedule. Many successful artists today and in the past have made a hit record working right out of their garage, basement or hotel room. So working with a home studio or going mobile is a great opportunity to capture your best work when it happens.
On the other hand, if you are not as blessed to have the skills of the naturally talented, then you probably should focus more of your time on learning or perfecting the areas that could use some improvement, before buying all that gear (that does not necessarily have to be cutting edge by the way). For some this could be as simple as reading up on a few good books, watching informative tutorials online or going all out and taking lessons. It is really up to you to determine how to proceed forward that will most likely depend on where you are musically and what you are driven to do.