More details on what you need and what style of fishing you do most where you live would be helpful, but if you are talking rod & reels:
I would recommend spreading your money out a little more. You will give yourself more versatility if you can get two outfits with your money. I bought a couple Abu Garcia Veritas rods last year and I have been very happy with them for the price ($99).
Spinning: I use the 7 foot medium action spinning rod (VRS70-5) for drop-shotting, tubes/grubs, shaky heads and general fineness fishing. I pair it up with a Diawa Tournament SS 1300 spinning reel ($105). I own 6 of these reels and have used them for over 15 years with ZERO problems. They have a good smooth drag and never let me down.
Casting: I also have their 7 foot medium heavy baitcasting rod (VRC70-6) with a Revo-SX reel I bought on sale.($120) This is a nice all around rod for jigging, flipping, spinner baits, soft plastics, or casting just about any bait. These rods are fairly sensitive and allow you to feel bites, but have a lot of backbone for solid hook sets.
I think I have you $25 over-budget right now, so save up a little more money.
I'm not saying these are the greatest set-ups on the planet, but they are good all around gear (for the money) and you will be able to fish lots of different baits and styles of fishing to cover just about any water you fish. Later on you may find yourself needing more specialized gear for what you are fishing, but these two will give you a solid foundation to build on.
Hope this helps.