I have a crappy iron from a local electronics store, but I look after it well, so it continues to work.
Just remember a couple of things when soldering:
1. A chisel tip is often better than a fine point, even for surface mount soldering.
2. Drag soldering is your friend.
3. Flux is your BEST friend.
4. Tin your tip after you use it, no.. really. If you don't, even a $300 iron wont work well.
5. DO NOT BUY COMPONENT BAGS / BINS. Unless you're looking for a bunch of crap to practice solder. You will not get any use out of most of the components.
6. Have an idea in your head of what you want to make, buy the components just for that project. Sure it might be nice having a parts bin sometimes, but you end up having a bunch of stuff you don't know how to use, or what to do with.
7. Salvaging is not worth your time unless you want to practice desoldering. If the chip is in a removable socket, go for it, that's a few seconds for a potentially useful 555 timer or RS232 chip.
8. If you are doing resoldering (reseating / replacing a component), a hot air gun is your friend.
9. Solder from smallest to largest component to avoid them getting in your way.
-- xor