IMO, as a user of both a coach and a powermeter, the best investment a racer can make for their training is in coaching. A coach helps you realize what hard work actually is, and a good coach will help you learn how to ride and race your bike properly.

Best thing I've done since I started riding a bike was to start working with a coach, and I think for a new racer, it's a much, much better use of your $ than a device for measuring your workouts. If I only had $500 to $1k to spend on training expenses this year, I'd use it for coaching before buying a watt meter 100 times out of 100.