A lot of good advice here about buying quality tools. I am a great proponent of that philosophy and am a self admitted "tool junkie". However, I have seen some absolutely incredible work done with the most basic, simple, often hand made tools. As an example, a while back, I posted the following for another topic on engraving.....
In 1978 I was a junior officer aboard a Navy destroyer on a western Pacific deployment. We had been in and out of the US Naval base at Subic Bay. One day as I was on the pier, there was a small boy with a little portable work bench doing something for a sailor from another ship. I walked over to see what was up and the lad was engraving brass belt buckles. He asked me if I wanted a buckle. I asked how long it would take... and he said about 20 minutes ! He had a small vice, a single square (obviously home made) graver, a sharpening stone, and a little hammer. This is what he engraved for me…..in about 20 minutes. He wanted $5……I gave him $20. He smiled a lot. I asked him how old he was. He was 9.
To further describe the tools this young boy had...The graver looked to be an old nail set the end of which was sharpened into a standard 90 degree graver point. The hammer was a short piece of maybe 5/8 inch square steel (looked like part of an old wrought iron fence) with a cross hole in it and a short stick for a handle. The vise was very small and very old and clamped on the edge of the portable bench made out of old lumber. And the sharpening stone was a broken piece of a cheap, very small stone like the ones that fit in a pocket on the scabbard of a survival knife.
As another example, the tool I absolutely love and use the most for stock shaping is a little junky tool that came in a set of Xacto knives I bought as a boy almost 50 years ago. It is a very cheaply made, die cast frame, miniature spoke shave.
I also, of course, use a much larger Stanley spoke shave and all the rasps, files, scrapers, planes, gouges, etc., but I use this little spoke shave more than anything else, hands down. It fits in tight places, takes off wood as fast or as slow as I like, and leaves a very nice surface. And, if the blade is sharpened correctly, it will cut with, across, or against the grain with equal ease. Since I don't like cheaply made tools, I have often contemplated making a much nicer version just this size out of steel or brass or ? but have never gotten around to it. This crazy little thing just works great and there is no sense messing with success.
So, if you can afford to buy very good tools, they are a joy to use and make the work go easier. But even if you can't, you can learn to do some remarkable work with a very few, simple, and often home made tools.