Learn before buying
I'm going to second Dru Edwards' suggestion. Using your amp's built in effects, see which ones you like the feel of the most, then buy a stand alone pedal of it (it's going to sound better than the built in).
It also very much depends on what kind of music your into. Compressors are a valuable tool if you are performing (mine is always on), but unless your into country chickin' pickin', not necessary for playing at home. Also, good 4 knob ones are not cheap.
If you are into rock and blues, then you'll want to consider getting into a decent tube amp (not cheap either) and an overdrive pedal. Enjoy the journey!
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