To have a comfortable shop, I would guess you'll spend the cost of the lathe again on tools, collets, various chucks, ancillary equipment, and stock. That's been my experience. Does anyone else remember the total cost of bringing in a machine?
My Sherline lathe and mill are the only machines I bought new. I have easily doubled their purchase price with tooling and accessories, not including general tools like tool boxes, micrometers, calipers etc.
The mill seems to be the real money pit. Most lathes come with a steady rest, tailstock drill chuck, centers, a 3 jaw chuck, and sometimes a 4 jaw chuck which is enough to get you started off. Maybe a collet chuck and follow rest as soon to buy items but that will take care of most people for sometime.
A mill usually comes with nothing, so a vise, drill chuck with adaptor, appropriate collets, some end mills, flycutter etc can easily add $1000 over the purchase price and that is pretty much just bare essentials. Indexable face mill, rotary table, angle plate, hold down set, spindexer, dividing head, etc you can just keep writing checks, make sure to wave hello to the rabbit as you pass on by.
Then you have general use tools, tool boxes, drill bits, metrology tools, misc tongs, hammers, wrenches, scribing tools, lights, oil cans, fluids, rolls of emery cloth... Depending on existing shop tools, if you don't already have one you will want to add bench grinder and bandsaw or chop saw.
I think it is safe to say you could easily spend another $2000 in the first year at least if buying everything new.
