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Must have bike tools

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Welcome Vince! Basic stuff like 9/16, 1/2, 5/8, and 11/16 wrenches(a good standard and metric wrench set). Cone wrenches for the hubs are nice to have. 1 1/4 and 1 3/16 wrench for headsets and BB. You can get away with out one, but a headset/bb press is really nice to have. The major must have is a nice repair stand. There is always more but you can get away with less. I have more tools than your local bike shop and Im always adding more.
 
Bike repair stand
Hub Cone wrenches
Chain breaker
Standard Socket Set
Large and small crescent wrench
Rim truing stand w/spoke wrench (costly if you have to pay someone to rebuild your rims)
Bike pump
Consumables - Bearing grease, WD40, Evaporust

There are some specialty tools for rebuilding hubs that are really nice to have (but expensive and hard to find).
 
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I found hub wrenches in American size were hard to find, ended up buying them from China/Amazon. since then I have found several original Schwinn hub wrenches. I also picked up a thin hub crescent wrench that comes in handy.

gotta have a work stand!

what I need but don't have and only think about it when I need it is one of those jobbies that hold the front wheel straight up on the stand.
 
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Pedal wrench. Chain breaker...a good one. I'm always needing one. A pedal straighter (keithbar) from @keithsbikes is a great tool I am always borrowing. Very easy to use. If anyone needs one hit him up. I could really use a stand. A large and small Crescent wrench will work a lot of times, but unless you want to slightly strip every nut on your bike like I do, a wrench set is needed. And OMG a vice! I could not live without one. Find a good yard or estate sale and buy a bunch of tools and things like wd40, liquid wrench, brake cleaner. You'd be surprised how cheap you can pickup very useful stuff at yard sales.
 
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