My personal taste runs towards using window light for lighting, a wide aperture to blur out the background, and foam core and a white shower curtain for reflectors and diffusor. I think it's a good way to start, and I haven't found a reason to get any other equipment. I did buy some hot lights to try, but I very rarely use them. Of course this limits you as to what you can do, but I think that's a good thing for when you are learning. It keeps you from going all over the place. Once you get good at using the light you have, you'll have a better eye for setting up lights for what you want.
But that's just one approach.