Dick,
Since you are just starting in electric the two big expenses are the batteries and charger. The one thing you want to get top shelf is the charger. All the problems that people had with electric power stem from improper charging. John gave some good charger suggestion, the Thunder Power charges are worth the money, they are smart chargers and will not overcharge the Li packs. To find the rest of the setup you can go to the List Your Setup section above and find a plane similar to what you want to fly, copy the setup is one way to start. A second option is to go to the Brodak site in the electric section they have a chart that lays out setups for different size aircraft.
To get started here is what I did (and still use today). Once you have the power system I did a very simple setup using a Castle Creation ESC - set in control line mode at fixed rpm. I set the rpm in each section of the ESC to the same amount. Also remember to set the battery cut out to soft and the current cut off to fast at normal sensitivity. I use a simple Ztron timer (any timer will do, I just have several Ztrons and like the simple way to set flight time) and only use it to set the start delay and run time all other functions I set for 100% rpm and let the ESC control the rpm. Once you get more experience you can play with more complicated setups. This is more or less the Fox 35, Superfuel, 10x6 prop setup, simple reliable and easy to setup.
Best, DennisT