Power Tools — A good table saw is usually the most used machine in the shop. New saws have vastly improved fences and better safety features. A good contractor saw has adequate power and can come with up to 49" of ripping capacity to handle sheet goods. This would be my first big purchase. A router is often a highly coveted machine. There are almost endless cutters available now and it is hard to argue with their versatility. I recommend looking at the combo packages that include a plunge base. It is a good way to get two machines for the price of one. In my opinion, an elaborate router table is not necessary for most applications, nor are the expensive and bulky jigs and templates for making joints. What tends to happen is the tools start to drive what is made. Drawers start to fit the machine or template instead of the piece of furniture. Sufficient joints can be made with the table saw, by hand, or you can make your own templates to fit your project.
A wall-bed combination or drop-down bed helps save a lot of room in a tight basement, so consider installing this Murphy bed and bookcase. It’s one of many great basement bedroom ideas. Further, a Murphy bed can be super simple: Some are just an upright box that contains a folddown bed. But this is a deluxe version because it includes ample storage.
Cut the 6-1/2-in. x 3-in. lid from the leftover board, and slice the remaining piece into 1/4-in.-thick pieces for the sides and end of the box. Glue them around the plywood floor. Cut a rabbet on three sides of the lid so it fits snugly on the box and drill a 5/8-in. hole for a finger pull. Then just add a finish and you’ve got a beautiful, useful gift. If you don’t have time to make a gift this year, consider offering to do something for the person. You could offer to sharpen their knives! Here’s how.
This is that rare two-for-one deal in which two tools have been effectively made one. The stationary belt sander uses a closed loop of paper that travels at speed around a pair of cylindrical drums. One drum is driven by an electric motor, the other is spring-loaded to maintain belt tension. Powered by the same motor, the stationary disk sander uses sanding disks that spin on a backing plate.

As for schooling, many local school districts, community colleges and woodworking stores offer woodworking classes, but those are a mixed bag. A handful is really good and many are terrible. There’s also a big difference between woodworking for fun and doing it for a living, and most classes are geared towards hobbyists. Out of all the proper woodworking schools with good reputations, I’ve only had personal experience with Marc Adams School of Woodworking. That place I recommend 100%, as the instructors are generally active professionals in their specialized niches, so one can always pick their brains for extra information related to earning a living. The director of the school also does a good job of screening instructors to eliminate the ones that don’t interact well in a classroom setting.
It’s mostly been learn by doing for me. I can’t afford to go somewhere to take any lessons. However, I do learn from books, DVDs, and videos on the internet. I still believe that learning by doing is the best way. Books and videos can get you going in the right direction but when you do it on your own all kinds of problems crop up that you have to solve. For example, when woodcarving the best way to understand what carving with the grain is is to carve with a carving tool. Same thing about sharpening a carving tool. You had better learn how to sharpen by sharpening your tools when they need it. You’re dead in the water if your carving tools are not sharp.

Once you have the four aforementioned handheld power tools in your arsenal and you've had time to get comfortable with using them, its time to make your first (and likely most important) major tool purchase. The table saw is the heart and soul of every woodworking shop, the centerpiece around which all of the other tools are used and organized, so you'll want to buy the best table saw that your budget can comfortably afford. Take the time to learn which features you really want and the table saw that best fits your budget and your needs. This article will show you the most common features, and how to determine what features you need and how to know if those features are really well built, or simply added on to the saw because they are selling features.
An assortment of chisels should be part of every workbench. Chisels are not just for wood carvers. Any woodworker will need chisels to clean out joints and saw cuts. Look for chisels made of high-alloy carbon steel or chromium-vanadium alloyed steel. Hardwood grips are best, especially if they have metal caps on them. This will keep the end of the handle from becoming malformed when you hammer on it.
A very very interesting woodworking project you can undertake is to make spoons and ladles of all sizes out of wood. These items are really coming back in a big way. I sincerely feel you can attract a lot of attention and sell these items very well. People are beginning to use more wholesome utensils in the kitchens. Wooden spoons and ladles are going to be raging popular products. Getting a lathe will go a long way in making any kind of wood bowls, spoons and ladles.
Tightening the nuts clamps the uprights against the shelves, holding them in place and providing shear strength (through friction) for the whole assembly. I know of an 8' tall, 12' long version of these shelves that has survived a few minor earthquakes while fully loaded with hundreds of books. Once the nuts are tightened on my smaller versions, I (all 240lbs of me) have a very hard time "racking" the shelves by pushing on one end of them in an attempt to get them to collapse: I can't.
A small jointer is better than no jointer, but a small jointer is not a great addition to a shop. A jointer needs table length. I would skip buying a small to medium size jointer. Once again, rely on your hand tools. They can perform as well or better than a machine that costs hundreds more, they require a great deal of room, and they should be run in conjunction with a dust collector. You can flatten boards with a jack plane and straighten edges with a jointer. With a little experience it becomes a quick task.