Thank you for this post. I am about three years into wood working with handtools. I didn’t want to be a handtool collector. I wanted a good set of tools I could use. Since funds were tight and I wasn’t sure if I would keep doing this, I wanted to build my tools slowly. What you outlined is more or less what I ended up getting and it has indeed served me well. One can easily do a lot with all of these tools. At some point about two years into the hobby, I had a much better feel for what I wanted to make and what I may or may not need beyond this.
The key to making furniture is having a plan. (Or is that the key to life? I always forget.) The good news for beginning woodworkers is that you don’t need to develop the plan; you need only to follow it. Project plans are abundant and easily found (check out Chapter 21 for some project-plan resources). After you get familiar with the way plans are written, you can build just about anything (depending on your skills, of course).