I am a beginner but can do basic stuff. My two sons are learning. We are having fun. They are good with their Butterflies for now. I want something new and I want it now. I want a few new different types of yo yos to start getting a feel for things. I want some new strings to play with. Not sure what other accessories I need. Let’s say I have $150 to start with, how should I spend my money? I am ordering soon so help keep me from making mistakes.
Get two Legacy II’s in different colors for your two sons. With the thin bearing pre-installed, it’s responsive. With the SPEC bearing, the yoyos become unresponsive and able to handle anything you want to do.
For yourself, replace the Legacy II with a Dark Magic II, for the same reasons.
Now, you’ve spent around $100 so far. Get 200 YYE 100% polyester bulk strings in 2 bright colors(yellow and green are great) and a tube of YYJ thin lube. Now you’re around $126 or so, before shipping. You may also want to get a YYF Multi-Tool, which can help pull bearings, sometimes adjust axles and can cut strings. For something differente, add a Stackless Grind machine or a Starbrite, a PSG, or an Asteroid or Speed Maker, a Kickside or a Lyn Fury. Or maybe some Werrd yoyo holders.
Just a suggestion.
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A great beginner yoyo that will take you all the way to advanced play is for sure the dark magic. A great yoyo for responsive play and will take you far is the yomega maverick or dash. For the price you can’t beat it. It’s responsive and can even do a lot of advanced tricks like Eli hops and pretty much anything that doesn’t require slack. Another of my favorites when is was starting out for unresponsive play was the was the yoyofactory whip. It requires a bind but for 10$ it’s a great starting point but you will out grow it for sure because it is very light. But because it’s plastic you don’t have to worry about dinging it up.
I’d set a small budget for your two boys (say $25 or so each) and let them pick their yoyos from the YYJ range since most of them come with a slim and a SPEED bearing. After that, definitely a Dark Magic 2 or a YYF Protostar/Northstar for yourself, a bottle of thin lube and a tonne of polyester strings. For something different, chuck in a grind machine, an undersized throw (the YYF DV888 and C3 Di Base are great choices here), and/or a YYf PopStar (which is seriously undersized).
Yuki
I agree with these guys. For yourself I recommend a yyj dark magic or a dv888 if you can handle unresponsive play.
For your sons: each a yyj legacy 2 or a yyf ONE.
For everything else: pick up about 200 bright yoyoexpert poly string (I love orange), definitely some yyj thin lube, a yyf multitool (trust me, you’ll need it), and… maybe some yyf, werrd, or Phenom yoyo holders.
-the creep 
Honestly I know everybody loves the “One” and it is nice, but I got my girlfriends’ 5 and 7 year olds YoyoJam Preludes and they destroy the “One.” The kids love them, I love mine. Easily go from beginner to master on it I think. As far as all your other questions, Studio did a great job answering, in my opinion.
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Go on the BST and get some yoyos used, you’ll save some money that way.
Here’s my thoughts on the YYF ONE:
1: Get the 2 bearing package, not the DVD Package. You can download the video content off YYF’s web site if you have to have it.
2: It’s very light
3: You may need a YYF Multi-Tool or a bearing puller to yank the bearing… This is common with many YYF’s, but it’s not so bad with the ONE.
4: The 2011 model is SMOOTH so you can’t grind with it. The 2012 version is redesigned, different shape, and the surface is better for grinding but it’s not great. I have both, so I can speak from direct knowledge.
Inexpensive, durable and load of fun and a bit on the under-sized side of things, making it friendlier for smaller hands(read: little kids). Even my kids, who destroy anything and everything, have been unable to destroy the ONE. Well… not yet! Goes from responsive to unresponsive with a simple bearing change. The bearing isn’t great, but it’s not bad either, and a simple bearing cleaning makes it a lot better. It’s like you’re buying the bearing and getting the yoyo for free.
The light weight helps you get started, but the light weight prevents amazing spin times because it’s just not heavy enough. You’ll outgrow this yoyo quickly, but then come back to it later as a challenge. It’s not a “disposable” yoyo. You’ll learn it doesn’t spin long enough because of the lack of weight, which when you are starting otu, isn’t favorable once you hit the advanced tricks and some of the intermediate. You’ll end up wanting something heavier. After you master a trick with a heavier yoyo, you’ll come back to the ONE and see if you can still pull off the same tricks.
Since the OP’s kids are already interested and are throwing together, this shows good interest. The Legacy II makes an ideal upgrade. It is larger than the ONE, but more importantly it is heavier than the ONE. The kids will quickly get used to the size and weight and won’t know any better other than to have fun and keep playing. The Legacy II, as mentioned already, includes a thin and SPEC bearing, so it can be easily changed from responsive to unresponsive play quickly and easily. It’s well worth the money.
For me, the ONE is a great carry around throw for new people to try. Make sure if you do, you keep it responsive. I keep my 2011 ONE responsive, but I have my 2012 set up unresponsive.
Assuming the legacy II is similar to the first I would definitely agree. I doubt you’ll have any problems at all with them. Mine is definitely the throw I feel most comfortable picking up and using, there isn’t much it isn’t good for.
Just wanted to thank everyone for the input. It is all a bit overwhelming just starting out these days. I am definitely going to check out all of these recommendations and place an order this weekend. Thanks again and I am sure I will be picking your brains again soon.
You sould get a darkmagic 2 and when you’re ready use the unresponsive ball bearing
tell us what you get when you order please
Ended up with a Legacy II, Dark Magic II, Starbrite, and a Stackless Grind Machine. Haven’t got order yet and already trying to figure out what is next. 
great choices later a good upgrade from the dark magic would be a di base also i hope your sons have fun learning
Did you get any string?
Lots of string. Lube and multitool also.
Good! Glad you and your boys are enjoying yoyoing