I have the basics, ex-16 scrollsaw, a old sears table saw to cut blanks or anything else I need, palm sander to get the surface smooth precutting and final sanding, dremel for detail sanding, small drill press does the job, also drill to get hole press won't reach, on my list is a bandsaw to resaw and a planer to plane out the resawn wood, I use oak and birch plywood for right now with bbply for most my stuff and just useing those 3 woods I get great reviews on my work.
Even with the basics you can get great work out the door, and most my stuff is cheap, drill press HF special, table saw was on CL for 55 bucks, palm sander was cheap at walmart under 20 bucks, only thing high dollar was my EX-16 scrollsaw. SO even cheap used tolls and machines can get the job done to satisfaction.