Depends what you want to do. There are many different types of bits, for many different applications.What I would like to get some advice on is what router bits to buy to use with it.
The reason you are burning your bits is due to the combination of high rpm, and low feedrate. At 35,000 rpm, you'll really never be able to go fast enough to prevent burning on that machine. 15,000 rpm and 3000mm/min would be a good place to be at.
For general cutting, cheap carbide tipped router bits work fine. Carbide spiral bits are better, but can cost 2-3x more.