Aye, like Narmoth said, it really depends on what type of music you want to make and what type of amplification you use.

It also depends on your own level of playing, in my opinion. There are a lot of multi effect boards that are very well affordable and offer a wide range of effects which are ideal for beginning and somewhat-advanced guitarists.

I myself started (years ago) with a board and used that for I think 3 years before I A) achieved a level of play that warranted the investment in more expensive equipment and B) actually had enough understanding and feel for different effects to warrant specific investments.

Funnily, nowadays I have a big box full of pedals and boards collecting dust in the basement and am drawing all my sound from the amp, guitar and pick-ups I use, which makes me very happy :).