"MY" take is as follows:
Rod: $100 to $200. with an unconditional warranty like St. Croix, TFO, Echo,
Orvis Clearwater, and Cabela brand with warranty (not all their rods have this warranty and they are getting more strict)
Plus these make great back-ups as you progress.
Next: Good line...it is one of the most important things next to right fly choice. $65. to $100. (however, you can find some great deals on e-bay)
Now REEL is where what species you are fishing. For me it is Trout, Bass, Bluegill, Perch, Crappy, Carp. For these, the reel is basically just a place to store your line. A good drag is needed. Lamson Konic, or Allen Reels to just name a couple, there are many.
$35 to $130.
Extras like clippers, forceps/hemostats, floatant, leaders, tippet, strike indicators, split shot....$35 and up
Fly boxes and flies.......$$$$$$$$$
Then a place to carry boxes and tools (vest, chest, fanny, back pack.
You could possible do it cheaper, this is just my suggestion, but I "ONLY" fly fish.
Some things are better left alone, Even though, some feel they know better.
I have done well with Cabela's brand waders also Redline waders from Spartsman's. Usually around $90-$130, get breathable waders in a size larger so you can wear long underwear and fleece underneath in winter (Neoprene is old school and too tight).
That's the thing with outfitting yourself for fly fishing, you can do it on the cheap and still have a great and successful time or you can spend until you mortgage the house, the sky is the limit but the fish don't care what you're wearing or what rod you're throwing.
There is no human condition that cannot be made worse by the presence of a Cop!
My filter is broken....sorry.
since you are just starting out you may want to do a couple of things before you purchase...
Go to a local fly shop and talk to the people there.. they know the local area and can suggest what works and does not work.. they can also show you the various rods and reels they have and in a lot of cases give you a quick casting lesson and let you test the different model..
... see if there is a local fly fishing club in your area and go to one of their meetings.. these are people who have been where you are now and will have a wealth of information and can answer your questions.. in a lot of cases these clubs offer free casting lesson and discount trips to local water.. and .. if you really go to the dark side.. fly tying lessons.. :-)...
do some research on line.. there are videos and websites dedicated to fly fishing.. the videos can show you how to cast.. how to tie flies.. etc...
lastly... dont hesitate to ask questions .. either here or the fly shop etc... the more you ask the more you learn.. the more you learn the more you will want to know...
good luck and hope to see more posts from you ... :-)...
btw... there is no greater feeling than catching that first fish on the fly.. unless it is a fly that you have tied... :-)
...."May the holes in your net be no larger than the fish in it. ~Irish Blessing"