I'm a 20 year old college student so I'm on a really tight budget. I got myself a used Canon HV20 and equipped it with a wide-angle lens, a shotgun mic, and a steady cam all for less than $700. It works well for the type of stuff I shoot and it films in HD as well. I started out using work lights but have since upgraded to a professional set. Lighting is by far the most important thing when it comes to filming. I edit using Pinnacle Studio 12 Ultimate. It's a very user friendly program. Here's a sample of mine. I only did cuts and transitions; no color correction:
But like someone said above me, I'm already feeling the urge to upgrade my equipment.
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