I made up this list for another person. This is just the beginning, this investment keeps going and going. And I am sure I missed a lot of items that you will need.
Face mask ...................................$20
Dust collector..............................$150
Rikon mini wood lathe ......................$350
Harbor Freight chisel set .................. $40
Stanley hand saw ...........................$20
Coping saw .................................$15
Sears utility sharpener .....................$40
2MT drill chuck .............................$20
4 jaw chuck .................................$80
Collet chuck ................................$90
Harbor Freight drill bit set.................$30
Harbor Freight S&D bit set ..................$40
Watco Teak Oil ..............................$20
Spar Varnish ................................$20
CA glue ..................................... $5
Wood glue ....................................$5
Sandpaper ...................................$30
Wood........................................$200
Miscellaneous ..............................$100
Want to upgrade to a bandsaw? Add in $300 for a 10", like a Rikon, Jet or Sears. Not my first choice, but a little better than using a handsaw. Making duck calls? Might as well add in about $200 more for mandrels, and another $100 for a jig. Drill press? You have the capability to drill on the lathe, but a drill press is nice to have, these can be anywhere from $60 at Harbor Freight to $500.