It's not that it's that great for a monk (which is it), it's that it's great for every alt you're ever going to make that can wear it (which is almost all of them)....
That being said, you don't NEED one....you will want one though. If you think you can manage to save up and not go crazy, go for it. If you think that will make you hate the game, you'll be ok without it.
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