Great advice! Take the time to read and follow the forums, listen to opinions, ask questions. Plan. Plan some more. Prioritize. Figure out what is the most imprtant gear for you to carry? Buy gear in that order of importance.

The other really really great advice is to buy the best gear first. While this may seem to fly in the face of reason, the reality is that you may find yourself buying three or four cheap crapy items trying to find something that work, and in the end you'll spend 75% of what you would have to get the best gear first off. On the other hand there are some relatively low cost, very high quality gear available - example include Opinel and Mora knives.

A few items that I thing are the best of the best - and reasonably priced:

Inexpensive folding lock blade knife: First, buy an Opinel folding knife from Ragweedforge.com. Choose from a variety of lengths for just $-$17. These will do everything you need until you can afford the best.

Inexpensive fixed blade knife: First buy a Mora from Ragweedforge.com. My favorites are the KJ Ericsson 711, 746, 731, 748 knives - unbeleivable knives for $12-$19. If you have smaller hands then go for the Frost 840/860 or the 740/760.

My favorite folding lock blade knife (for the price): Doug Ritter's RSK Mk1 - $105. Yes, expensive, but you'll never need another lock blade. I like the fullsize best, but EDC the mini.

My favorite fixed blade knife: Though I don't have one (I am OK with a folder for now) I'm becoming more than convinced that the Bark River Northstar is what I'd buy.

Mult-tool knives: Swiss Army Knives - my favs are the climber and hunter. I like the Leatherman Wave too, but it is sooo much heavier than the SAKs.

Pocket-sized light: Doug Ritter's Freedom light - $20
(I've purchased 4 so far - amazing lights, as bright as many flashlights - don't underestimate the value of the LED collar)

Baseplate Compass: Suunto MD-3 - $20
(A fantastic price for a solid professional quality compass)

Sparker, Whistle, Signal Mirror, Button Compass: Doug Ritter Personal Survival Pak - $25 (1st rate quality gear for a great price)

Hmmm, what am I forgetting???

A great shelter can be provided by large heavy-duty garbage bags available at Home Depot. Bic lighters so a fine job at low cost. Chlorine bleach and tincture of iodine provides low cost drinking water sanitation, though prefer the Micropur tablets. Nylon dress socks make great hiking boot liners (under wool socks).