Don't ever feel like you can't start something until you get that perfect piece of equipment. That you can't start writing songs until you get a better guitar, or demoing new ideas until you upgrade your recording setup. Sometimes it seems that the music industry puts a little more emphasis on the gear people use than the skill level they've developed.
Two things that will NEVER be trumped by gear or equipment are a persons ear and experience. If you stuck someone with a low skill level in front of amazing equipment, would you really expect an amazing result? Don't get me wrong, getting new and better equipment is a great goal to work towards. And having an arsenal of great toys and tools can certainly help make things more fun. But how good you get is ALWAYS going to be more important than the equipment you're using. So focus on improving yourself, and working hard with what you've already got. Because it's the quality of work you do now that will put you in a position to be using all the equipment you've ever wanted.