Quoted from pianz:Deleted post
It depends upon what you plan on making. If you're making wood furniture, you won't need an impact wrench or an angle grinder. If you are buying non-dimensioned hardwoods you'll need a planer and a sander. If you are creating thin lumber from thick lumber, you'll want a bandsaw to resaw. You may also want a jointer.
Personally, I think for making furniture you will want a table saw, router and router table (which you can make), orbital/palm sander, biscuit jointer (domino even better but lots more $), drill and drill driver, compressor (get one of the 'kits' that comes with a 16 and 18 ga nailer) and clamps, (lots of different types and sizes). A track saw is also a good investment if you will be breaking down sheet goods (cutting std 4x8 plywood down into smaller pieces). It's a whole lot easier than wrangling on a table saw unless you have large infeed and outfeed tables. I also think a Kreg pocket screw kit is a nice way to quickly and easily make joints. (A good shop vacuum/dust collector is also a good investment)