For a hobby machinist, it should not be so much about how many tools and machines you have, or even about the total capabilities or what you can make in your shop. In my mind, it is about how much you can learn, and how much enjoyment you get from making things. To me, projects are a means, not an end. Size and speed capabilities of the equipment are not all that important. I make stuff that match my resources and my imagination.
Beyond that, as an unabashed cheapskate, I go out of my way to get the best deals possible on everything I buy for the shop. I regularly hold out on purchasing a tool or machine I would like to be using until I find a good one at an incredible price. Just because I can, and because it pleases me. I buy machines and tooling that need work, because I enjoy cleaning them up and making them work as well as I can. My shop itself is quite humble, a three car garage that still fits a washer and dryer, water heater, freezer, yard and house maintenance stuff, a lot of just "stuff", and one car. And my shop space is what is left. The limits as a hobby machinist are not in the size of our shops or machines or wallets, or the amount of money spent on stuff, but rather in how much joy we get from having them as extensions of our hands and our brains and our imaginations.
The only correct answer to either a machinist buddy talking about machinery, or a lady of the night talking about tools, to the question "Who do you think you are going to please with that little thing?" is
ME!!!