+1 on what sprkplug said although I don't use split point...no reason really, just never have. May need to try them! They are not lifetime items but can last a long time is used correctly. Keeping the cutting edge cool is key. If you are cutting metal use some kind of lubricant...sure it may cut without it, but the lube is there for cooling the bit. Also dont go crazy with speed...this also heats up the bit...take your time and let the bit do the cutting. If you look at the edge of the bit and its turned blue, you got it too hot and it may or may not cut the next time you use it. Also graduate...start small and work up. Also a good sharp punch will help keep the bit from walking. You probably know this already but what I say is from doing it wrong at some point in the past..lol. If you spend the money on a good set of American made bits...the ones from overseas will work...but the quality control isn't always the best, sometimes they are great, sometimes not so much. One other thing is I absolutely LOVE the shops drill doctor. Once it is setup correctly a sharpened bit will peel metal making pretty little spirals. When you have a 8-10" or longer spiral of mild steel coming from a drill bit you just sharpened its a thing of beauty! lol The drill doctor is pricey but if you are going to do a lot of drilling into metal and spent the money on a good set of bits, its well worth it...nothing worse than being in the middle of project and the drill bit you need is dull.