new2BC4bass You were correct I left out the fast in my description, although the Lightning shock is kinda in between medium and fast action. It is a decent rod for the money. Another good choice is an Abu Garcia Veritas 7 foot medium and they have that rod on sale for $47.89 plus $9 shipping on Amazon. That is a $99 rod. MY wife and I fish both of these rods as well as some rods that cost over $300 each, so I am suggesting gear that you will keep using.
For a starter setup, I would get myself one of the tackle bags that holds 3 or 6 plano boxes. It makes it easy to organise your tackle and if you go bass fishing one day and catfishing another day, you can easily swap out which boxes you carry that day. For all around use I would set one box up with some different hooks, some small hooks for panfish and bait and some larger hooks like we use for fishing grubs and worms. If you decide to go catfishing, I would get some larger hooks for that. Add a couple of bobbers to fish minnows and nightcrawlers. Some of the largest bass are caught down in Florida with either a big bobber or balloon and a large minnow or bluegill. Get some different weights, a pack of small pinch on weights, some rubber core sinkers, and some worm weights in 1/8 1/4 and 3/8 to begin with.
Look at Kalin Lunker 5 inch grubs ( Bass Pro is a great place to go because they have people to help you). Pick up a bag of bluegill colored and a bag of watermelon seed red flake grubs. If you fish really off colored water than add a june bug or chartreuse instead. Bass pro has these hooks called Perfect finesse worm hooks that I like because they have a weight and a hook together. That is a great way to fish grubs and worms Just match up the sixe hooks to the bait/ They do come in different hook sizes and weights.
Next go pick out some worms. Gary Yamamoto, Zoom, Berkley all make great stuff, so does a ton of other people. Look at Berkley Powerbait Power worms in 4 inch. Pick up a pack or two of these colors to begin with. First Blue Fleck, Black chartreuse tail, and watermelon red see. Later try some 6 or 7 inch worms, but for now start with some 4 inchers. Next go look at Gary Yamamoto Sencos. They come in all colors and sizes. To make it easy choose the 5 inch and god all of the colors work, but let's start with say a pack of each of the following colors Black Blue Flake, watermelon red green flake, and maybe smoke blue pearl silver purple. That should give you a mix of baits in different colors.
The Sencos can be rigged different ways and present totally different presentations. With a very little effort you can find a ton of videos online that teach you how to rig them texas style, wacky style and as miny finesse carolina rigs etc. Make sure to pick up an O ring tool with O rings and some small hooks to use with them.
Lastly, take a look at a hollow bodied swimbaits like a Strike King KVD Perfect Plastics Swim'n Caffeine Shad. These baits look like a minnow swimming and then one dying when you stop reeling them.
Depending on if you texas rig them, use a belly weighted swimbait hook or use a heavier jig head, they can cover shallow to deeper water.
All of the baits I suggested will catch bass and lots of other fish as well. My wife and I use these baits all over MD, PA, VA, TN, KY, and MO. They work in clear water and stained water. We will just change colors to find out what the fish want but they all work well.
Notice I am not trying to spend all of your money at once! I say get a pack or two of something. Go fish that technique, catch some fish and learn what works in your area, and water conditions. And most of all as others have said enjoy yourself. If you let us know what part of your state you are in we probably have some members that live near you. There is always that chance to meet up and learn first hand.