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Some basic tools and materials that I feel are necessary. These are general purpose tools and items for the most part, but certain projects might require improvisation or specialized tools to complete.
OK, lets start out with something all you MacGyver fans already believe in, the Victorinox Swiss Army Knive(s). Personally I prefer the Tinker and the little Pocket Classic  (don' t leave home without them :) Your opinion may vary, but you will need a good knife, so choose wisely.
Round out your hand tools with some or all of the following:

  • A good set of jeweler type screwdrivers (for those tiny pesky screws)

  • A set of conventional screwdrivers

  • A set of nut drivers

  • Wrenches

  • Pliers

  • Diagonal Cutters

  • Vise Grips

  • Tack hammer

  • Claw Hammer

  • Rubber Mallet

  • Hacksaw and a variety of blades (fine to course)

  • Keyhole saw

  • Box cutter type knife (or if you can afford a set of X-acto knives all the better)

  • Rulers, Yardsticks and Measuring tape
A few power tools are helpful:

  • Cordless Drill with drill and driver bits

  • Variable speed Jigsaw and variety of blades

  • Dremil type rotary tool with variety of attachments

  • Soldering tools ( pen type and gun type ) along with solder
Now for standard materials to have on hand:

  • Duct Tape (yeah baby :)

  • Electrical Tape

  • Masking Tape

  • Sand Paper (Various grades)

  • Nylon wire ties ( assorted lengths)

  • Assorted fasteners ( bolts, screws, nails, tacks)

  • Wire (solid and strand, various gauges)

  • A good VOM (Volt Ohm Meter) (digital or analog)

  • Storage containers for all your spare junk :)
Not to worry if you don't have all this stuff... the more you DO IT YOURSELF, the more of this stuff you will acquire. My theory on tool purchases, buy the best you can afford, but use common sense also. If you know that you will be using something often and rely on it, don't be cheap. On the other hand if your likely to only use something once or twice, go for the best value.
It doesn't hurt to be part pack rat, and question everything you throw away. You know, like that PC power supply that just went bad... hmmm. Cut the power connectors off and toss in your parts bin. Or what about that old blow dryer that went Bzzzt^Pop#Pow*sizzle.... cut the power cord off and save it. Maybe it had a good electrical switch or fan too, so reclaim any user parts that you might have a need for. You get the picture I am sure. If your married, you can try to justify all this miscellaneous junk by inventing a quick and convenient use for it and by keeping it neat, organized and out of sight.