On to the controversial topic of which tools are a *must* for someone starting out. Obviously, everyone has different ideas and the necessities will change depending on what type of projects you're working on, but here are my recommendations and thoughts.

1. The Essentials

Here we come to the meaty question of what exactly I mean by ‘Almost Nothing’. While you could start from a lump of iron ore and a loincloth, the reality is that beginning with a few simple tools will make life easier. Here are some good ones to start with:

• Hacksaw blades. These cost next to nothing, and can cut through all sorts. Getting a hacksaw body will make things vastly easier, but theoretically if you can cut it with a hacksaw then you could cut it with just the blade – it would just be slow and painful.
• Screwdrivers. You can get by with a phillips and a flat-head, but a kit of smaller ones and a few larger ones will be needed of you’re going to be taking much apart.
• Some side cutters/wire cutters. Cut wire and stuff
• Some pliers. Needle-nose pliers will come in very handy, for gripping, bending and shaping things.
• Vice grips/adjustable pliers. The tool of all tools if you listen to some. Grip things, clamp things, hold on to things to your hearts content.
• Tape. A good selection is useful, but some masking tape and some electrical tape will see you through most things. Also duct tape is incredibly useful.
• Glue. Stick things to other things. There are many types, but a 2-part epoxy, some contact adhesive and maybe some super-glue should do for most things. Add some silicone rubber and possibly wood glue if the urge takes you.
• WD40 is a spray lubricant that some people swear by. It will be used in a lot of these projects, but you might get away without it. Get some of you can, or when you first really need it.
• Craft knives/xacto knives. One of those things you don’t realise you’re missing out on. And since they’re so cheap and soooo useful, get a few!
• Sandpaper – get several different grits (200, 400, 800…)
• A few files - one flat and one round for metal and same for wood, add more as needed

I'm also going to be assuming access to e-waste, some basic timber, string, wire etc. You can scavenge most of this stuff by keeping an eye out. I’ll try to use a few different components as possible, and have standard ways of doing things. For example, I have decided to use 3mm machine screws for as many things as possible, simply because I have a 3.2mm drill bit or three for my dremel and it's easy to adjust tension etc by adding a spring washer and a nut to the bolt. For larger stuff i also have 4 and 6mm ones, and I have lots of 3mm screws of assorted lengths from some printers I took apart.

If you're mainly going to be doing electronics, you could ditch some of the above and last quite some time. But you will definitely also need:

• A soldering iron, with some solder and flux (don't buy one for <$10)
• A multimeter (DMM). Again, avoid the cheapest of the cheap, but nothing too fancy is needed to start with.
• A helping hand or PCB vice for holding stuff while you solder. You can also make your own.
• A collection of components (This will be a separate post).

This is not a definitive list by any stretch of the imagination. But everything listed above other than the soldering stuff should come in around $30 depending on how you get things. To be honest, you can start making things with hacksaw blades, box cutters, some nails and a screwdriver for <$5, and most of us should have hammers and things lying around or be able to steal hem from dads/uncles/grandparents who were handy around the house.

2. Nice to have

These tools are nice, and generally speed things up a lot, so are often worth it in terms of time they save

• A chisel or two for woodwork
• A grindstone. So useful for removing material, and probably the power tool I use the most.
• A drill, or ideally a drill press. One of the first power tools you will need, you can also get sanding and cutting bits, plus you can use a drill as a lathe in a pinch.
• A rotary tool - can drill, sand, cut and buff like a smaller version of four power tools. I just got a dremel and can think of so many uses. Again, you could do all this by hand but where's the fun in that? :P
• A multi-tool. Having a leather-man at your belt means quick access to a knife, a saw, screwdrivers, pliers, wire cutters and so on. My current one (yaay for Christmas) is the sidekick - $40 and has a nice selection of tools. I also love my gerber dime - a miniature multi-tool that lives in my pocket and has come in useful so many times. Definitely a worthwhile investment, as it almost negates the need for a full sized tool and is small enough for civilised society yet capable enough for everything that I need it for.
• A hot melt glue gun. For quickly sticking A to B, securing and insulating wires, knocking together prototypes or just burning your fingers, this is a very useful addition.

3. Other thoughts

This is such a dynamic thing, and your tool collection will grow with you and expand as you need things. You'll notice that I have left off things like laser cutters and 3D printers. That's because I haven't used them, and I have found that you can make most things as well with a grindstone and some patience. Nevertheless, if you have the cash to invest in a full machine shop with milling machines, lathes, cutters etc etc then go for it! But if you don't have the cash, don't worry - the one time you need a 3D printer go borrow time on someone else's and pay $5 for the part rather than $1500 for a printer you'll use a few times.

On that note, tool sharing is a thing. You can rent power tools (so why buy one that you'll use twice?) or find a friendly person who's been making things longer than you and borrow! If you're lucky enough to live near some sort of hacker-space then take advantage - they will probably have more than you can dream of!

4. Links and inspiration

• Adam Savage's ideas http://www.tested.com/art/makers/454389-still-untitled-supplemental-adams-inexpensive-beginners-toolkit/
• http://makezine.com/tag/tools/
  

EDIT 1: Things I forgot and have just remembered:

Measuring tape, ruler, calipers, hand saw, clamps, flashlight, hammer, vice, pens/markers, power supply, breadboard, storage

This is still a work in progress. PLEASE post your own recommendations and thoughts so I can update and improve this list :)