I have this general rule: if a tool you are planning on buying can be found in a thrift shop or a hardware store (or even at an electronics store), you probably don’t want to buy it first: you want to have the money to buy a more expensive (which is to be expected, since an affordable quality tool is usually a better bargain) tool later. (And of course, you probably don’t want to buy a cheap tool you can’t use)
So, you want to get a decent quality set of hand tools first. You want to buy a good set of table saws for starting projects and for finishing them down to a very basic level. You want to have good wood turning tools – in this case of course, you want to buy a decent woodturning or rabbet turning tool that doesn’t cost a fortune. For a really basic woodturning tool you can probably get by with most things available, but it would be great to have some kind of better tool that is both really decent/cheap and also well suited to your needs and what you are trying to do.
In summary, I don’t think it is wise to get a fancy high end woodturning tool first.
What kind of furniture should I choose?
I try not to buy an expensive woodworking tool or hobby knife until I have a good starter. And usually I don’t have a woodworking tool on hand. I am always looking ahead, buying things that I can’t use right away, but that I know will turn out reasonably well and will help in some way (like a project starter) and making sure I have the money to afford them when I do use them (like something I need to buy every month).
I often pick up a decent tool when I get sick of a tool I am not quite sure is worth the investment, or at least something I really like and am already using. And since many people in the US still have a real love of the woodworking process when they are old enough to start, I have found myself doing many years of this: buying a lot of woodworking tools (and woodworking tools that I don’t need at the moment or that I think could use replacing) that were once used by a much larger number of people.
And of course I still spend quite a bit of money on woodworking tools. So I wouldn’t say I just pick up a good tool whenever I want to make something, but I
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