Many beginners trying to get started in woodworking take one look at their budget and worry how they can afford to buy a whole shop full of power tools to get started. Fortunately, one doesn't have to spend a fortune to get started. There are really only seven woodworking tools that I would recommend any beginning woodworker have on hand from the start, and most are relatively inexpensive. However, with these seven tools, a beginner can tackle quite a number of projects.
Non-Standard Miter Slots - This one is a downer.  One of the primary advantages of having a table saw is access to jigs that expand the saws functionality.  This is a major issue if you plan on buying after market jigs.  Given that we are limiting the cost of this buildout to $500, I am guessing that after market jigs are probably low on the priority list.  Your going to want jigs once you start researching what they enable you to do, my advice is to build your own - there are plenty of plans online.  
Steve Ramsey makes woodworking fun. His YouTube Channel, Woodworking For Mere Mortals Building, shows Steve making cool stuff in his garage in Marin County, California. From games and toys to special holiday projects during his 12 days of "Craftmas" (wooden snowflakes!), Steve consistently puts out new DIY woodworking videos and projects every Friday.
Another staple in the beginner woodworkers tool kit has to be the cordless drill. Used for either drilling holes or driving fasteners, this tool gets used on almost every project. There a tons of options here regarding size of batteries, aka power, but something around the 18-20 volt range is a good all-around size that will not leave you constantly wishing you had something larger or smaller. Here is a large accessory kit at a good price that should give you most of the drivers a bits you will need.
However, if you want to stain or clear-coat the project, you'll have a number of choices to look through. Since your local home center megamart will probably only carry a couple of hardwood species (poplar and red oak are common) spend time at a fine wood supplier and look through the vareties available. They should be able to help you determine how each species will look when finished, which will go a long way toward refining your decision.
Let's talk about a few strategies for building out your shop below retail price.  There are the obvious ones like yard sales, craigslist, estate sales, and thrift stores, however, these can be hit or miss.  First of all, not everyone lives in an area where these avenues exist.  Second, when your brand new to woodworking, it can be hard to evaluate a tool that your buying second hand.  Because of this, I'm not going to focus on these channels in this post, but I will say, if your willing to do some hunting for second hand tools, you can easily save 50% to 75% on some perfectly fine equipment.
One of the great furniture woods, Mahogany has a reddish-brown to deep-red tint, a straight grain, medium texture and is moderately hard. It takes stain very well, but looks great with even just a few coats of oil on it. For an even more distinguished look, exotic African Ribbon-Striped Mahogany adds amazing grain and texture elements to this already beautiful species of wood. 

A quality wood moisture meter is vital to the long-term success of any woodworking project you put together. Lumber mills try to dry their batches of lumber according to the intended end product destination. That is, if the wood is harvested in the wet Northeast, but is going to be shipped to the arid Southwest, it will be dried more than wood kept in the Northeast for use by woodworkers. The success of your woodworking project, from wood flooring to kitchen cabinets to fine furniture, depends on the correct moisture content levels of the woods you use for your area of the country.
My name is Marc Spagnuolo and welcome to my channel. I am a podcaster, video producer, author, and woodworking enthusiast. I have contributed articles and video content to FineWoodworking.com, Popular Woodworking Magazine and WOOD Magazine. Producing the Wood Whisperer is a great way for me to combine four of my passions: woodworking, technology, education, and humor. I believe that even the most complicated woodworking project is just a series of steps. My goal with this channel is to show you the tools and techniques you need to perform those steps.
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