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
Make sure to run ground wires wrapped around all lengths of flexible exhaust hose to prevent static build up, which can spark and potentially ignite. I chose the King 1.5 HP dust collector, with a 115 volt motor, so I did not need special wir­ing for it. A shop vac is a must, as well, used to vacuum out machinery, and to remove dust from furniture prior to fin­ishing. Finally, an air filtration system was installed to clear the air of tiny airborne particles. The King KAC 650 unit I installed does a nice job, has a remote control, and a program­mable delay – I usually have the air cleaner run for a timed two hours when I leave the shop.
Since I long ago lost the woodcarving tools I used to own as a youth, I figured I would focus on something larger. With my current ideas of doing a commercial greenhouse venture, I have considered making my first project one of a pergola for training plants up as a living shade-tent area. I have also considered trying to do an earth-sheltered greenhouse assuming I can figure out a loophole in city ordinances and/or coax the officials to sign off on it. I would love to do some hand-carved bowls and eventually make my own workbench and maybe even craft other things like a shaving horse. A foot-powered lathe is another one that I still find fascinating from the Foxfire books. 

While you have a decent starter shop, it's important to keep in mind the projects that your tools can handle.  You are going to want to focus on projects that don't require your stock to be ripped to a different dimensions than what you purchased it at.  You are currently only set up to do crosscuts with your miter saw.  So while you can turn an 8' 2x4 into two 4' 2x4s, your not going to be able to turn that same board into two 2x2s.    
In the rough is referring to the wood at its earliest stage in the woodworking process. When the wood is initially milled from very large logs into more workable slabs, it is then kiln-dried to reduce the moisture content. At this point, the wood is able to be machine planed to a finer finish or left in its more natural state. The wood, in its more natural state, reveals the unique tooth and saw marks from the mill, creating a more rustic look and feel in the wood.
I can't really give a great answer to your question - I'm still learning how to deal with woodworking on a limited budget myself, but I'm getting there. It's not always easy, but when I want something I can't afford, I am starting to remind myself more and more that someday my day will come when hopefully there will be more room in the budget for my woodworking hobby. I'm also hoping to start selling the occasional item within the next year to help bring in some extra money for woodworking related expenses.

The thickness planer—A thickness planer will significantly expand the creativity and craftsmanship of your work by allowing you to buy roughsawn stock and use wood of any thickness in your designs. Nowadays, a new planer often represents a better value than a used model. In recent years, DeWalt and Ridgid have introduced portable planers with chip-ejection fans, which work as a built-in dust collector. Dust collection is important for all tools, but essential for thickness planers. This feature can help delay the expense of a dust collector and thus reduce the overall cost of a planer. Speaking of dust collection, I should mention that I don’t use a dedicated dust collector in my shop. I use a shop vac with a small hose for my sanders and a larger-diameter hose for the tablesaw and router table, and I depend on the built-in chipejection fan for my thickness planer.

Even the backside grinding shown in the single frame of the video shows the effects of hand held sharpening. There is a curve on the flat side of the blade! Starting to look like a spoon. It’s impossible to get a flat surface when using bones and tendons. This effect was exploited to make the first lens when done in glass. Telescope mirror grinders do it too using two different hardness of glass, if machine done it would be flat. If those “slate” tiles are flat they must be ground flat not baked. No need to check.
A layout square, or combination square, comes in 6” and 12” sizes. Most woodworkers use the 6” model, simply because it’s easiest to carry around. Also, most of the stock you’ll use will be no bigger than 6” wide, so 12” is overkill. The layout square is a triangle that you can use to mark square cuts on stock. Once you measure the length of the cut, you line up the layout square with the edge of the board. The short side will give you a straight, square cut across the end grain. You can also measure off angles with the layout square. This helps when you’re trying to measure for a bevel on a table saw, or marking a cut for a miter saw. You can even use your layout square to determine an existing angle. Just be sure to buy one made of metal. The plastic ones are not only fragile, but they also can warp, making them pretty useless.