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Mill

Standard or 8-directional. Inch or metric, you pick. (5400,5410 or 2000, 2010)

Machining Vise

A must. Sherline's is very nice and holds quite a bit.

Flycutter

Very neat and removes material quickly.

Endmills

Depends on your work. For now buy 2 flute high speed steel (HSS) with NO size larger than 3/8". Mainly I would buy sizes 1/8" and smaller. Dremel bits, for the most part won't do, the mill does not spin fast enough. Make sure you get the endmill "shank" size for the endmill holder or collects you will be using. 

Step down blocks

Get the adjustable ones, they are quite handy.

Allen screwdriver

Good 5/32" ball-end for the vise and machine.

Endmill holder

3/8"  for your typical shank sizes.

Collets

1/8",3/32",1/4" collect set. I didn't get this and bought 2 of the collect sizes later,

still needing the 3rd. Just get all three and save the money.

Rotary Table

Rotary Table is a definite must!  I highly recommend getting one, NOW or later.

Boring Tool

Personally feel it should be bought when you know you need it.

Center Drills

Center Drills as mentioned above.

Micrometer

Best one you can afford, personally I'd buy a 6 inch electric that reads in .0001" and .001 mm.

Bench Grinder

6, 7, or 8" get one with GOOD tool posts. I don't think you can beat Sear's Grinders for the money. Good grinders with sturdy tool posts. I made a "guide" for my grinder, click HERE to check it out. (Update: don't use aluminum on aluminum as it "gumms" together and is hard to move)

Grinder Wheels

Get better pink or white wheels to shape your bits.  80-120 grit, H-J hardness.

Dial Indicator

Best one you can afford.

Test Indicator

Best one you can afford.

Blocks, 90º L

Get some decent "2-3-4 blocks" and some 90 degree "Ls." to help in setup

Steel Wool

0000" to polish those parts on the lathe (careful as burrs will catch the steel wool and rip it out of your hands).

Cutting Oil

 I use "3 in 1" oil but have also used WD-40. Use some oil.

Vacuum

Shop vac is a must. Don't forget this or you maybe sleeping in the dog house :)

Drill Bits

Get good ones! I have some cheapies and they are horrible. There is a difference.

Holding Tape

Scotch double-sided tape, I can't tell you enough how well this stuff holds parts!

Taps & Dies

Get the taps you will normally use for your work and any dies needed.

Dremel

Dremel, high speed tool, you probably have one already.

General

Screwdrivers, pliers, all that basic good stuff that you probably already have.

What Else Will I Need? A Small List of Things to Consider