A bit late to the show but nevertheless...
I love my Dspiae 2.0 sprue nippers, they are incredibly sharp, and can minimize time spend cleaning up parts.
Sanding sticks and papers. I go to the auto parts store and purchase 800,1000, 1500 and 2000 grit wet and dry papers, good for 99% of what I do, and then I use squadron sanding sticks, ultra fine to coarse.
Excel blades and handles. I have multiple handles, and use separate knives for separate tasks, so that one is ultra sharp for masking tape, 1 for scraping and cutting plastic, 1 for decals and so on. Blades gets changed as soon as any sign of dullness occurs. they aren't very expensive, and a 100 pack will last for quite a while!
Paints is whatever floats the boat. I have lots of Tamiya and Gunze acrylics, as well as Vallejo, Vallejo model Air and Mig for airbrushing and detail painting, and I started with some MRP, but I don't have an extractor and they are smelly, so I cut those quickly.
Airbrush and compressor, I have an Iwata HP-CS, Iata Neo, Badger Sotar 20/20 and Badger 200 bottom feed. With a silent-ish compressor to feed air.
I am a bit of a "magpie" when it comes to tools, and if it looks useful and fancy I'll buy it. I do have tools i have never used, and others that I can't be without, My dad always said you can't have too many tools, and good tools are half the job. So I'll likely add more...
Cutting mats, very important. Keeps your desk from getting spilled on, and cut into, and can be changed. I have 3 currently, 1 small for cutting masking tape exclusively, 1 medium for light work, and a large one for my main modeling surface.
A good desk... You need room, my only regret is getting rid of an old accountant's desk I had. it was excellent, and very deep so had lots of room, but it was quite narrow, and was stupendously heavy... Got rid of it in one of my moves and regret it to this day, but I do have a deep and wide desk from Ikea, with shelves that fit in it. and a smaller computer desk, all set up in an L shape so I have lots of work space, to hide stuff on!
Cheers, enjoy and have fun!