JonnyBoats,
We have oscilloscopes, a USB logic analyzer, a soldering iron with a fine tip, a hot-air rework station, a syringe of solder paste, regular solder, a microscope, tweezers, some multimeters, and copper solder-wick.
You can do a lot with those things. If I were to give some things up, I'd first give up the hot-air rework station, the logic analyzer, and the solder paste. If you're sticking to thru-hole components, breakout boards, and "shields", you can certainly do without a microscope. I think the expensive thing that is hard to do without (but it's absolutely possible) is an oscilloscope.
One way to do it is to learn about what's out there, start working, and then think about what you could use and if it would be worth it.