I agree that quality monitors are essential to mixing, but not necessary for good tracking. If you are in a scenario, as many are, where you record at home, but send your projects out to be mixed, I would say that you can get spectacular results with a $100 pair of AKG headphones...and your neighbors will thank you!
If you're recording with a guitar amp mic'ed with an SM57, your neighbors will also thank you for using an amp sim VST...That also gives the mixing engineer the option to re-amp your sound...
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