What all is required to get into this hobby?

[Tin Falcon]

What about the actual cutting tools?
This is one area where reading learning and applying the knowledge will save you money.

Download and print this PDF

http://www.littlemachineshop.com/instructions/GrindingToolBits.pdf


Buy a handful of these 10 or a dozen Or if you want get 20 and you get a couple for free. And you can grind both ends. so 20 will last a while and give 40 cutting edges. 20 cutters wil cost under $40. Enco often has free shipping codes.

interstate 5/16 M-2 tool blank

The down side is you need a bench grinder or belt sander.
A new good " bench grinder is about $ 100 IMHO dewalt is a good brand.
The up side of buying a handful of HSS bits nd a grinder is the grinder should last a lifetime and a couple few handfuls of bits will last a very long time . the next handful you buy can be 5% cobalt they wear better for harder materials.
You may be able to find a good used one.

you will need a boring bar or set and a parting tool and holder. but you can even grind parting tools and small boring bars from these blanks.

Hope this helps.



The below attachment gives a chart of lathe tools.

 

[KennyMcCormick315]

Oooh. Nice! Gives me a reason to replace the cord on the century-old bench grinder that's collecting dust and dirt daubers in my carport. Thing still turns smooth as butter despite age and disuse, a new cord and a thorough cleaning/lubing and itt'l be good as new.

 

[Tin Falcon]

You have a grinder GOOD looks like you now have a place to start and only have to spend a few dollars
.
Tin