If you get new equipment, do not be steadfast to sell the old. Some of that equipment can be used in the alchemy pot for better items. For example, Bandit's Vest + Bandanna. It is not an overall great item to turn out, but it can be useful in
the very beginning. Also, a normal Boomerang + Iron Nail = Reinforced Boomerang, which is one of the better boomerangs which can be acquired very early.