I would recommend trying to learn as much as you can.
All great information from Cadillac.
I do/did machining strictly as a hobby & to keep my mind active. There is far more to it than meets the outside observer! I'll have a new shop/garage to play in this summer with any luck. All my tools are in storage now and it hurts!
I have always been self employed so no company retirement bennys. I do have a sufficient income stream form investments to allow me to spend on my hobby as I please. I have sufficient equipment to keep me busy learning, trying new things & testing my abilities. I have made a few things for others, just for the cost of materials if they amount to much. I bought a new PM1440HD lathe after much searching for a used lathe. My lack of knowledge about metal lathes stopped me from buy the well worn used equipment. I obtained my Jet knee mill when I bought out the remains of a woodworking factory. I was given a very dirty & old cold saw by an old man closing down a business. That's my "major equipment." I have never taken the time to add up all the small stuff's cost. It is a lot! It
isn't the end mills, boring bars, drill bits and lathe tooling that add up, so much.
Much of it is Chinese. Not what I would buy for a business.
3 rollaround tool cabinets (US General - Harbor Frt), 18x24 surface plate, 20 ton press, old drill press, decent collection of measuring tools (Starrett & Mitutoyo) & USSR, Kurt vice, 8" Vertex rotary table, indexing plates & foot stock, BS1 indexing head, plates, & foot stock, tool maker's vice, ER40 lathe chuck, mill chuck & collets, 5C lathe chuck, spin indexer, collet blocks & collets, taper attachment, nice Taiwan 8" 3 jaw chuck, boring head, gage pins .011 to .5, gage blocks, Silver & Deming drill set, broach set, Shars tool & cutter grinder, Jet 8" bench grinder, crappy Grizzly bench grinder, 3 ton arbor press, taper attachment, all the power tools, hand tools, sets of fasteners, books and misc that I added over time. Most of this "stuff" was added as I wanted to embark on a new project or learning curve. If someone is really bored - add just this list, $, up to see where you may be going! I'm afraid to. It's the price of not sitting around the house vegetating.
Hell of a rabbit hole! Have fun, be safe.