Financing Tools?

MikeH · 03-07-2006, 06:08 PM

I have a general question for everyone. What do you do for a living and how do you finance your tools?

I don't have much of a budget for tools right now and I'm looking to make a job change if necessary to improve upon the budget.

DaveO · 03-07-2006, 06:20 PM

Landscape designer, and I use credit cards

and generous gifts from relatives

Once I won a radio contest and bought me a jointer with my winnings. My tool inventory consists mid-range quality hobbyist tools, not the best but pretty good for my uses and needs. My .02,

Dave

P.S. Don't change to my occupation, it won't help the budget at all

cskipper · 03-07-2006, 06:46 PM

Manager of Health Information Mgt - initially we used credit cards. Started with tools that we knew we would eventually outgrow but gave us a starting point. Lots of opinions on that. Now we are trying to save toward new purchases - but it does seem like an awfully adult approach. Changing jobs never worked for me. Seriously, I am hoping to create enough "stuff" to sell for $ toward my next toy. Want to buy a trivet or a pen?

clowman · 03-07-2006, 06:59 PM

Software Engineer here. Compulsive buyer. I started buying cheap tools. Now I am replacing them as I go with more quality items. I sometimes make various things for friends, charge way less than I should. Make a hundred here and a hundred there. but mostly, I buy them for myself.

MarkW · 03-07-2006, 07:10 PM

Network engineer and any way I can. I have until next Friday to pay off the loan shark for the new planer.

Seriously, I bought the essentials when we decided on a kitchen remodel and I sucessfully negotiated with my wife for the contract. The rest I pick up when I can or charge those for who I build 1 tool for doing it. (usually minor tools)

Travis Porter · 03-07-2006, 07:30 PM

Telecommunications manager and I have for the most part had cash in hand. I got in trouble with credit cards about 20 years ago and have learned my lesson the hard way. When I have charged it, I knew I could pay it off in a short amount of time. For a while, I did paying jobs/commissions, but personally, I don't get much satisfaction out of it that way.

Also, I have started with lower scale tools and I am still working my way up.

grumpy · 03-07-2006, 07:37 PM

Get those family gifts together by arrangement so you can get more expensive and more desired stuff. Make gifts for your gift list for the future. . I started with leather, always the wood and now pens but they are well received by the recipients. Watch for bargains. Harry

helmswatch · 03-07-2006, 08:09 PM

Ahoy there.

Retired, rapidly descending into poverty, but having a great time doing it, one tool at a time!

We do this like we have done everything else financially, keeping close accounting of debits & credits, and buying tools for just what we need in order to accomplish the tasks at hand. A tool at a time.

Good Luck,

Duke & Irene

Travis Porter · 03-07-2006, 08:37 PM

To Duke and Irene's point, it is extremely easy to get Woodguy disease. I have it and have to keep it in check.

Point to note, Bernard and I were talking yesterday about DavidF. He has built some gorgeous furniture, but if you take a look at his shop, it is not as heavily equipped with machinery as you would expect. A lot of it is the person using the tools. On the other end, you have WoodGuy who does some gorgeous work as well, but he is heavily equipped. I have no doubt he uses all he has, and he is cost conscious about what he gets. No offense meant to anyone. Lots of tools can be tweaked, adjusted, and made to work better while others cannot. I would recommend good quality squares (can't really adjust them), planes, scrapers, chisels, etc.then work your way up. A lot of good tools and equipment can be acquired used as well.

mkepke · 03-07-2006, 08:54 PM

Also a telecommunications (manufacturer) manager. I pay for my tools with cash. I do use credit cards or what-have-you, but the money must be there and budgeted before I will spend it. In my line of work, losing one's job is basically a monthly concern - ok, maybe BI-monthly at this point

I buy almost all of my big tools used, which is a big help to the budget. My biggest tool, the X31, I bought with a bonus from work - which was from before the telecom collapse.

-Mark

Bernhard · 03-07-2006, 09:06 PM

I am into drugs; I work in the pharmaceutical industry. Basically, I have the job to finance my hobby.
In the early days -when I was young and dumm- I just bought a toy/tool and worried about the finances later. Now that I am just dumm, I only buy anything if there is cash.
I am currently building a house, doing the majority of the work myself, so I have a pretty large tool budget.

I have some pretty good tools, but started off with mediocre stuff. If I had to do it over, I'll get only the 'good' stuff a piece at a time. I think it is better to cry once (when you buy it), than to cry every time you use the tool. Also, higher quality seems to hold the value pretty good; cheap stuff is not worth anything on re-sale.

...my two cents.

Bernhard

Canuck · 03-07-2006, 09:31 PM

I am a retired telecommunications engineer. (Seems to be a pretty common theme of profession here!!??

) I too try and budget to have the cash on hand to buy tools. In the last year (since I discovered WW'ing as a hobby) I have rapidly found out that buying cheap stuff definitely doesn't pay in the long run. That said, I don't overextend myself though. I will try and make do with what I have. (Until I convince the LOML that it would be much easier if I had ......etc.) As far as financing tools, I just let my pension try and cover that.

Even though I have a wonderful wife and four beautiful daughters (one getting married in July as a matter of fact!) I still manage to scrape together what I can to buy the best I can afford and go from there!

Oh. And one major tool I forgot! Learning technique from the wonderful folks here at North Carolina Woodworker doesn't cost us poor folks anything!

Have Fun!

Wayne

kota62 · 03-07-2006, 09:47 PM

I'm in the Air Force, Uncle Sam has been nice enough to send me to the sandbox for a vacation every 2 years or so, in return I make a little extra loot, whatever the wife doesn't use while I'm away I use to finance one large item, ie; Table Saw, Jointer, Bandsaw. I have gone with Grizzly for these toys, good price, and i'll never be better than these tools

I have been collecting my toys for a dozen years and have upgraded as I've progressed...
This year I bought myself a Unifence
Patience & sales help a lot also...
Gary

McRabbet · 03-07-2006, 10:35 PM

I retired from the US Environmental Protection Agency 3 years ago and used my last years vacation payout (I did not take one day off for a year to maximize it) for 2 things -- 50% to renovate our house to sell it and move out of the Triangle to the mountains and 50% to upgrade my bigger tools -- I spend about $6K at Grizzly and at woodworking shows in 2004. Now that we are on 50% of my working salary, I do some odd commissions to raise funds to satisfy my lust for more toys -- an open-end drum sander is next. My recommendation -- do not buy cheap tools (I personally consider Harbor Freight, Homier, and Job Lots off-limits), and I will only buy Sears Craftsman wrenches or screwdrivers. If you can find good used name brand power tools from a private owner or reconditioned on the Net, they are usually a good bet (I do not buy from pawn shops because I believe many are overpriced and worn out).

Hope this helps.

Rob

Keith · 03-07-2006, 10:38 PM

Do like I did and start your own woodworking business. Then they become a write off.
I do Arch. Millwork, Commercial Furniture and anything else I can make out of a tree.

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