Welcome!
A simple answer to your question is going to be difficult, because so much of the information I could give you is going to depend on your area of interest. For example, many of the contributers to the forum enjoy science fiction or fantasy type figures, and they have many sources and sites which cater to their hobby needs. Others enjoy building military or historical figures, and again, there are many places to go that will help start you off in the world of figures. So the first step is for you to decide on what kind of figures you'd like to build.
Equipment. It depends on what medium you choose to work in. Paint choices are limited to either oils or acrylics. A company called Valejo has a line of acrylic paint that is wonderful to work with. I personally like to use these as an undercoat, and then I like to use artist's oil paint to do the shading and highlights. This is but one of many methods of painting figures. You will find a method that works for you. Do not skimp on your brushes. You'll need very small and fine brushes in order to paint the iris on a figures eye that is in 1/35 scale. Of course, you will need the various files, knives and sandpapers that any modeler will have readily available. Perhaps the best thing to do is pick up a book on the subject. Bill Horan's " Modelling Masterclass" is one I would highly recommend, and there have been others mentioned on other threads here.
What figures to start with? I would recommend going cheap to begin with. Some of the historical figures I do can cost hundreds of dollars. Some fine figures can be had at very good prices, like the dragon series of WWII soldiers in 1/35 scale. These are injection molded plastic, and you get 4 soldiers in a box that costs less than $15 on average. Verlinden has a wide variety of historical periods, scales and subjects to choose from, and they're reasonably priced. They're resin, so you'll need crazy glue or some other kind of epoxy adhesive. If you would like to explore the world of science fiction or fantasy, I'm afraid I will have to defer to one of the other experts here, as they would be more than capable of some appropriate suggestions. Here are some web stores that cater to figure enthusiasts. Have a look at what they offer, I'm sure you will find something that will spark your interest. They also carry a selection of books, magazines and reference materials. Good luck and make sure you post some pictures of your stuff! Cheers.
www.redlancers.com
www.sentinelminiatures.com
www.milminwh.com
www.michtoy.com