for less then 100 bucks I've set a guy up with a 4 wt, off brand rods of course, however they cast very well!!! I dont have the names...thats rod, reel, AND line, he already had the backing and some leaders. All of this came from Sportsmen's Warehouse in Anchorage Alaska. (my home away from home

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Temple Fork Outfitter rods are good with a great warrenty!!! (I really look at rod compansy for warrenty first including my bait casting and spin fishing rods)
Reels....anything not to spendy will do. Dont get wrapped around the axil about large abor, or get reel spendy here, lots of guys do it, there is no need when it comes to smaller fish. If you can afford it, go for it, other wise save your pennys. Dont get reel cheap though either and get a junk reel. The one we found was 32 bucks Ak prices
Get the best fly line you can buy and take care of it! I clean mine after every/every other use depending on the water conditions. Dont step on it, dont cast it in grass, if you do clean it!!! Even a good rod wont cast a bad line. If you need to practice, get a cheap line first as you'll kill it in the grass and dirt.
You dont need much for backing. 10lb braided dacron will be perfect.
There are some knots you'll need to learn and some lingo you'll need to understand. Gary LaFonte has a great little pocket book for 10 or 12 bucks. (Gary and another guy wrote it). It will roughly show knots, atleast to the point you can look them up online, and everything else about fly fishing in a handy dandy, waterproof, pocket booklet. Money well speny IMHO.