The big question is, of course, cost VS viability. How much enthusiasm and effort are you willing to put into colour management and preparing your photos? You can get the extended gamut monitors, the calibrators, the latest kazillion ink-tanks deskjets, but you have to spend considerably more time managing these devices. Of course if you get everything right, the rewards are immensely satisfying. But before that, you have to spend a considerable amount of time picking up things you are unfamiliar with. There is a danger of being distracted from the main interest of photography.
Also, understand that the vast majority of printed materials that we see everyday are printed with just 4-colors CYMK process, even for a lot of art magazines and pictorials, the exceptions being the occasional adding of special color inks. And it will continue to remain so at least in the near foreseeable future. However, even without the benefits of expanded gamut printing, there are still plenty of pictures out there which we find appealing. Setting aside subject matter, composition and techniques aside, there are still ways to make pictures look good in CYMK printing.
Some fundamentals include:
-Setting the appropriate white and black points in the picture.
-Maintaining the right amount of contrast.
-Having believable colours and avoiding extreme colours.
Some of these fundamentals are essential for all forms of output and not only applicable to printing alone. I would recommend this particular book, < Digital Colour Correction> by Pete Rivard if you are keen enough. It provides a generalist view to correcting colours and preparing photos for printing without too much colour-management jargon.
However, if you are enthusiastic enough about colour management, I would suggest getting an average monitor and at least a calibrator. Unless you are planning on getting one those 8/9/10 ink-tanks printers, the gamut of the mid-end printers hovers around or only slight beyond that of the sRGB space, so an average monitor will cover most of the colours you will encounter in your prints. The calibrator is essential, so that you can measure and maintain a consistent output on your monitor. This will enable you to use the softproofing functions of Adobe PS for you to gauge the colours of print output with some degree of accuracy.