If you're just starting out, three power tools for general woodworking that are worth spending more money on include a good tablesaw, router and drill press. With these three, plus some hand tools, you will be able to build many of the projects in how-to magazines. Which tool you buy first can depend on the projects you are planning, but a good saw usually gets priority.
When you’re choosing a water heater, don’t be tempted to simply buy the lowest-cost model available. Water heating uses too much energy to make the decision lightly. The unit’s initial cost is a small fraction of the money that will be spent operating it over its lifetime.