Trying to become a rock star in this day and age is a total waste of time because nobody wants you to be.
Insuring your music gear, whether it's a guitar, amplifier, violin, cello or something else isn't something most musicians think about - until they actually need it.
I just recently bought a microphone because the one I have is old (probably at least 15 years old) and never really sounded that good. So I decided to buy a SM58 clone of sorts, the Pyle PDMIC58.
The PDMIC58 is a really cheap microphone, but the reviews for it say it's good for what it is. Is it? Yes. It gets the job done.
Can you get a good recording out of a cheap microphone? When you know how to use them, yes you can.