There's some really good advise on here. Some of the best, I think, is to figure out what you want to fish and buy what's versatile and will last.
Braid outlasts mono or flurocarbon as a mainline (can last several years depending upon use, sun exposure, etc), has better sensitivity and can be high vis for line watching.
You can get a lot of rod for under $150 now. (St Croix Mojo, Abu Veritas, Duckett Ghost)
As for reels, you can get decent spinning reels without going broke, but going cheap on a baitcaster can create a lot of headaches. Lews, Abu, Diawa, and Shimano all have some pretty solid casting reels in the $150-$200 range.
If you spool with braid, consider softer tips for anything with treble hooks and reaction baits.... So, a decent MH moderate makes a great stick for Crankbaits, lipless cranks, and spinnerbaits. It's also a good option for larger walking baits (Spooks, etc) The moderate action will also help launch them a mile. (For Crankbaits, a slow gear ratio reel is pretty ideal)
A 6'6ish Med moderate spinning rod is a great option for fishing jerkbaits and even small shallow running Crankbaits.
For Texas rigs and jigs over 1/4 oz, a 7'-7'3 MH fast/x-fast action casting combo is ideal for getting maximum feel and getting good hook sets with heavier wire hooks. (I like a high gear ratio reel)
for flipping, taste matters, but with braid, a mod/fast tip on a 7'6-8' rod makes for a good start. ( you want an high gear ratio reel to get fish out of tangles fast)
I like a 6'6-6'9 ML x-fast rod for fishing drop shots, and weightless finesse plastics.
A 7' M Fast spinning combo is great for throwing tubes, Senkos, and shaky heads.
From there, you can specialize a ton, but those are the basics. Depending upon the water you fish and your style you might want to make some small changes, or pick up more of one combo than another, but with those 6, your bases are covered and you haven't broke the bank (too badly).