I like and respect Laurence, but I have to disagree, sorta. I agree that the Grizzly isn't worth the extra money you'd spend over a Craftsman, and that neither are as good as even something as basic as a Coote, which is pretty basic. But the last time I checked the Craftsman was $100 or so, and Cootes are more like $600. That isn't just "a bit more." Get the Craftsman now and save for a KMG or similar later.
I delayed making knives for many many years because I thought I couldn't afford the equipment. Once my brother started making good (actually they were crappy compared to what we both do now, but they were still good to us then) knives on a $100 machine, I realized that I was wrong. I spend about $400 on a machine, belts, steel, materials, even an anvil ($75 for a Peter Wright on craigslist--still proud of that!) and got started. I scrapped 6 of my first 7 attempts. After that I started selling them, priced acording to my place in the market (meaning less than $100) and paid back my equipment and supplies in the first 2 months. I wouldn't have started making knives at all if I'd had to spring for something that cost more than the Craftsman did. I made 100 knives with it, and then got an ancient Bader BII. I reinvested my knife money into my knife hobby, and now have a great knife shop, fully funded by it's own proceeds, with more to come.
There are faster ways to get a nice knife shop than the careful cashflow management way I took (marrying rich, for example). I've been at this for 3 years, and I still have a long list of stuff to acquire, but it can be done with patience and dedication. Get what you can afford, and build up from there.