On the 100/300 grit combo stone: absolutely, positively NO – and I’m a woodworker by training who sees sharpening of tools as a means to an end and not as a religion. DMT bench stones are soooo cheap in the US (they cost as much as 3 times as much in ROW) that you should not waste (expensive) time with Chinese carborundum stones or EZ-Lap …err … junk.
Not only is having a full time job is hard to do woodworking, if you have a family as well, then that is another thing that you are going to have to juggle as well.  For me its a no brainer.  I always choose my family over my hobby of woodworking.  But when my family or job does not need my presence, that’s when I am free to let my brain just run loose on new ideas of what to build next.

​There are some diverging paths that you could take at this point: some may want to get a router with a router table for edge work and improved joinery capabilities, some may want to start looking at some of the interesting 3rd party jigs - two of my favorites are the DowelMax and the Kreg Pocket System, but my recommendation would be to equip yourself to buy cheap stock.
In addition to the type of finish you want, the location of the final installation should be considered when choosing a hardwood species. While it won't have as much bearing on furniture pieces to be used indoors, you may want to consider some more moisture-resistant species (such as cypress or the ever-increasingly endangered teak) for outdoor projects. Again, your local woodworking supplier will be able to help with this decision if you are unsure about what species might work well for your particular application and climate.
In my shop I use a large number of Jorgenson F-clamps. I use many of the small clamps, the most useful being the 12" version. Large F-clamps are essential for cinching down parts on bending forms. I also like aluminum bar clamps because they are much lighter than steel clamps, and therefore less likely to damage a carcase should you bang into the wood dur­ing a glue-up.
If I had it to do over again, I would stick to an entry level miter saw and table saw until I had both the funds and need to upgrade to more capable saws.  Because of this, I'd stick to the two saws we looked at in the $500 build: ​The Craftsman Table Saw for ~$150 and Hitachi 10 inch Miter Saw for ~110.  These two additions bring our running total to just over $500.  
We us the ReStore also– What great finds–sometimes things we were even looking for–my other favorite place is the second hand stores–many times they have give away bends that I have reclaimed out of–and we have a neighborhood swap–my favorite of all is the FREE CYCLE– its is a community of people that just give things away– OH MY GOSH–when I need to get rid of things after a yard sale its the best– someone always comes and reclaims my curdside giveaways–I love–it stays out of the dump and someelse is using something they may need badly– I have found tons of great things,wood,tirers, paint–ect.
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.
The next hand tool every woodworker should have is a nail set. In fact, you should have several sizes. They look like awls, and you use them to drive nail heads into the wood so they are flush or right below the surface. This allows you to fill the holes and prepare for staining or painting. The nail setter will usually have either a convex or concave surface to grip the nail better and keep it from sliding off and marring the wood.
Perhaps the most satisfying move I made was to automate the dust collection system. I used the iVACPro system to link all machines to the dust collector. When I turn on any machine in the shop, the dust collector fires up and whisks the dust into the bin. The system also has a programmable delay to allow the dust to make it to the bin before the dust collector shuts down. I set my system for a five-second delay. The system works flawlessly for my band saw, planer, and router table at 115 volts, and also my table saw and jointer at 240 volts. 
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.
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Let’s start with perhaps the most basic tool in every household – the claw hammer. The claw on one side of the head should be well counterbalanced by the finished head, which should be somewhat rounded. The other kind of head is the waffle-head. Most commonly used in construction, it leaves a distinctive waffle mark on the wood when you drive the nail. This, of course, is not the proper nail for woodworking.

As far as advice goes, I'm like a lot of the other folks on this thread; make a shop budget that fits into your existing budget and stick to it. Whenever you can foresee a larger expense, skrimp and save, cut costs in other areas of non-essential spending, and accept that sometimes, you NEED to go outside of your budget. In my experience, if it means enough to you, you can make it work. Good luck!
Not many YouTube woodworking channels are run by guys who also happen to have PhD’s in medicinal chemistry, but this one is. Brian Grella’s channel offers a mix between more atmospheric videos that aren’t heavy on explanations (as the one shown above), and ones that are firmly in how-to territory, like this one for making a beautiful wooden bowl using nothing but a router and a drill press (no lathe required):
Ok, the leap from $1,000 to $2,500 is a big one.  I certainly didn't make it at one time.  It took me years.  But I know folks that decided they wanted to get into woodworking and dropped at least $2,500 getting themselves outfitted.  When you do make the jump, the thought process becomes much less about making sure you can get the job done and becomes more about having quality tools to get the job done.
The next important hand tool for the woodworker is an accurate tape measure. Get a retractable one that is at least 25 feet long. Any longer than that, and you start having problems getting it to roll back up. Since measurements on large scale projects can be very susceptible to even the most minute measurement variations, you’ll want to make sure the “hook” or tab at the end of the is firmly attached, with no give. When they get loose, you’ll have as much as 1/8” variation in your measurements. This can add up to some severe accuracy problems in the long run.
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