Quality helmet, a good assortment of welding vice grips and c-clamps, drill, body grinder, soap stone, welding table with a vise. Oxy-Acet torches, assortment of magnetic squares.
I have a portable Lincoln Weldanpower 225G7. Great machine. The only problem I've had with it is I had to replace the 4way bridge rectifier on it a couple times.