If it were me, and without knowing anything about what you intend to fish for, and what type of baits you intend to use...
I'd get a Medium Light Rod and start there. I like 6' to 7' length. Shorter for overhead tree problems, longer for open casting.
I also assume you want spinning gear.
My overall favorite rod that I own is a St Croix Avid Medium Light 6'6". Since funds might be an issue, maybe drop down to a St Croix Premier.
I also like a 2 piece rod for pack-ability in my vehicle. So if it were me, I'd look at the St Croix Premier PS66MLF2 or Avid AVS66MLF2.
I'd use 6 pound line or braid equivalent in smaller trout/smallmouth rivers, and 8 pound in lakes and bigger rivers.
I think Pflueger has the best bang for the buck in reels. I'd get at least a President, preferably the President XT or even Supreme, depending on what you can afford. I would definitely recommend not buying a reel less than $50.
I also have a thing for trout, so I have a few light and ultra lights. They are a LOT of fun. Pair with a super small lightweight reel.
I'd venture to say outside of specifically targeting trout and using Light and Ultra Light rods, I use my ML 90% of the time. A Medium just feels like a brick in my hands. I like lighter rods. So I'd start with a nice ML (preferably an Avid) and then see if you feel you want to add a L or M. My other rods just don't get much use.