This is the podcast equipment that I use. The goal: keep it simple and inexpensive. There are certainly other tools that I have added over time, but at the end of the day these are the most important.
If you are new to podcasting or audio production, the less complicated the process is for you the more successful you will be.
This equipment is light and small enough to haul around in my backpack, laptop included. Your studio is the world. Let’s get started:
Microphones
Audio-Technica ATR2100-USB Cardioid Dynamic USB/XLR Microphone
This is my go-to microphone for recording. It is small, durable and sounds pro at an affordable price. 
Blue Snowball USB Microphone (Textured White)
The Blue Snowball is the favorite for many podcasters, and I use it for in person podcasts. For my ears, I prefer the sound of the ATR2100, but that sound difference is not noticeable in published podcasts. 
Pro tip: If you let guests hold a mic, they tend to remember to speak into it more versus placing a mic on the table.
On Stage Foam Ball-Type Mic Windscreen, Black
You need this because. you will need something to block the spits and hisses from entering your microphone. And with those things blocked, you will sound better!
NEEWER Microphone Suspension Boom Scissor Arm Stand
The Scissor Arm Stand holds the microphone at a steady distance from your face. This is helpful if I am on a Skype call as it frees up my hands to type notes, switch screens, etc.
Recording and Editing
Since I have a Macbook, I use GarageBand. It does exactly what I need it to do, and is preinstalled on OSX.
Another free option for Windows people, or if you want to use something other than GarageBand, is Audacity.
If you plan to do Skype interviews, you need this. Skype Call Recorder allows your to record both the audio and video of your Skype calls.
Podcast Hosting
You will need a home for your finished podcasts! I host the podcast files on my Inmotion Hosting server and publish to iTunes through WordPress using the Seriously Simple Podcasting plugin.
Another option:
Libsyn: I have not used Libsyn, but this is used by top iTunes podcasters. Hosting plans starting at $5 per month. In their own words, “Libsyn provides everything your podcast needs: publishing tools, media hosting and delivery, RSS for iTunes, a Web Site, Stats, Advertising Programs, Premium Content , Apps for Apple, Android & Windows devices.”
OVER TO YOU
Send me a link to your first recording and let me know how it went in the comments!