Available in both water-based and oil-based finished, polyurethane is one of the most common practices used in woodworking today. Polyurethane can be sprayed, brushed or rubbed onto the piece to obtain either a satin, semi-gloss or glossy finishes. Polyurethane is a very versatile finish that will last for many years and is easy to clean and maintain.
​In order to excel you are going to need to read up on jig building so that you can produce consistent repeatable cuts.  Ideas for jigs are a dime a dozen online and you could easily lose a couple of hours browsing the hundreds of ideas people think up.  A more economical approach would be to build your jigs as your projects demand them.  After you go through that exercise 4-5 times, you'll find you've accumulated quite the collection of jigs without even trying.
Finally, at the beginning you'll do just fine with a basic set of router bits that run ~$40.  A starter set will typically include straight bits for edge matching material, a selection of edge finishing bits, and some joinery bits.  As you work on a few projects you may find that more specialized bits are needed.   But specialized bits are expensive - so purchasing them as you have a specific need makes more sense than buying in anticipation of a need.
As an x aerospace machinist I have run manual lathes and mills and programmed and run CNC as well. IMO a manual lathe is far more versatile and useful than a CNC for the average DIY buff. A CaN C is basically a very accurate production machine but to spend time programming, setting up, proving out just for a couple or several pieces is not practical ( unless you have money and time to spare)
One purchase that did work out in my favor this year was a bandsaw. I found an old, built in 1946, 14" Delta bandsaw w/ riser block in good condition for a steal at $150. I had a couple months of free spend saved up, and my wife threw in the rest of the money and considered it my birthday gift. Attached to the saw's base was an old Stanley 77 dowel maker the seller gave me with the saw since it was attached to the base when he got the saw. I was able to sell it on ebay for just shy of $300. I actually made money on that deal, and the money from the sale has allowed me to buy blades and upgrades for the bandsaw, as well as the parts and materials I need to build the router table I'm in the process of building. Was nice to get that - otherwise it would be months before I'd be able to purchase some of those things!
We use a Dewalt 20V drill. It’s kind of embarrassing how much I love this drill.  I got so used to having a crappy one, that once I got a good one, I was hooked on it.  While you are getting the drill, don’t forget drill bits.  Don’t cheap out on those either.  Trust me.  You will use a drill on almost every project, so the investment is definitely worth it.
Any serious woodworker knows that square and flat Any serious woodworker knows that square and flat stock is the key to producing fine work so it’s time to skip the hand tools and graduate to the JJ-6HHDX 6 in. long bed jointer. This beast boasts a helical insert cutter head with staggered carbide inserts yet runs quietly and ...  More + Product Details Close

How about a hunk of butcher block counter top on a 4X4 (legs) base on locking wheels.  Round over the good side and it is a rolling kitchen stand - chopping block -  island.  Flip the top over, lock the wheels, and it's a bench.  There is a vise that is sold by Woodcraft that drops onto a mounted post in both vert and horiz positions that would be perfect for a small flip top bench.  The post would be mounted to the underside, unseen till the top was flipped and the vise dropped on.  It pivots but when the jaws are clamped it is tight.
We've written about routers on the site before and my favorite is the Bosch 1617​.  It is light enough that you can control it when using it handheld, yet powerful enough that it won't have any problems when you mount it under a table.  On top of that, it comes with a plunge base which makes it significantly easier to use handheld.  The package clocks in at ~$190. 

I set an initial budget of $10,000 to build the shop – everything from studs and drywall to hand tools and machinery. The final number was over by $1,000, but I’m still very happy with the result. The shop is now my haven, with a good sound sys­tem and good lighting. Every time I go back into the shop, it is exactly the way I left it, because it is my shop!
At $300, the saw is expensive, but it is one of the more affordable saws that offer a 12 inch blade and a double bevel.  The double bevel allows you to adjust both the angle at which the blade cuts into the wood and the tilt of the blade relative to the workpiece.  Having control over both angles allows much easier cuts of trims and moldings.  It's one of those features that you won't use with every project - but when you do need it, you'll be glad you have it
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