I do one wheel at a time, you don't need stands. A proper jack, a breaker bar, those are essential. A car will take about a beer, so budget accordingly. I don't think a torque wrench is essential, but it is useful.
Some chunks of firewood for wheel chocks can be handy, and as others have said, loosen the nuts before you start lifting. I like to lift on the suspension parts, not the body, as it takes less lifting that way.
Also - a stick of chalk to mark them when you take them off. Anyone with kids probably has sidewalk chalk around.
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