Topic-What do you really want to get out of woodworking?
Currently I am looking into one of the big lathes 20" withMy Shed Plans the electronic speed control. A friend of mine and I are in the process of design and making a boring bar for hollowing large vessels. When I purchased the chucks for holding the turnings, I purchased them with the larger headstock requirements and then used an insert to attach them to a smaller lathe. The smaller lathes require a 1" X 8TPI and the larger 1 ¼" X 8 TPI. This is generally correct but there are exceptions. If you have dreams of larger lathe spend some time looking at different lathe brands and their specifications, it can save money in the long run.
The other expense that you will incur is finish and sanding. There are a large verity of finishes and sanding methods and I have spent hundreds of dollars trying different things out; my garbage can is very full. Without getting really deep into this subject I will tell you what works for me.
Sanding; I use power sanding and will sand down to 250 grit and sand the finish to 320 grit. Over sanding can create a surface that the finish will not adhere too, finishing compounds all have a sanding requirement in their instructions.
Having a finish that not only looks good but feels good is critical. I use clear water base grain filler to smooth the surface and then use a clear gloss, rub on rub off oil finish. When the finish is dry turn the bottom off and finish bottom same as the bowl. Final step buff and wax.
To sum it up; Wood Turning, Fishing, Photography, Camping, Boating and most other interests whether they are hobbies or professions, seems to be a good place to spend all your extra money. The art of wood turning is fascinating. There is on limit to what you can do; you are only limited by your fascinating.