Start out with minimal equipment... don't go crazy! My go to axes now are all Sage rods of various weights and lengths. I started out with St. Croix... a GREAT rod and I caught a lot of fish on it. Most of my fishing is in salt water, so heavier equipment is a must.
As far as waders go, get some fairly priced stocking foot, and get yourself a pair of good wading boots. I have the Chota brand, equipped with felt soles and screw in studs.
Oh, and learn how to tie flies/streamers... It's fun, relaxing, and when you nail that first fish on one of your ties... Heaven!