I would actually recommend against a brand newbie starting out with a full-bore, 1hp+ variable speed grinder. No disrespect to newbies, but you don't put a 15 year old in the seat of a racecar and toss him the keys so he can learn how to drive.
I would have missed a lot of nuances if I had started out that way. Steel dust on the floor is not art or creativity.
I cobbled knives together for years with my only power tools being a small HF drill press, a 6" bench grinder, and, later, a 4"x36" Craftsman belt/disc unit. None of those machines cost more than 100$, and they all still had uses once I upgraded to better stuff.
I'm not saying I made nice knives with them, but that's not really the fault of the equipment.
The initial outlay in money is not what's important, it's the outlay in creativity, and motivation, and whatever else drives a knife maker. Still trying to figure that last bit out myself, but if you have it, then it's inevitable that once you start, you won't be able to stop.