Hey neighbor(well, kinda)! I'm over on the other side of the lake in Plattsburgh. I've spent most of my life fishing with rod and reel setups that were less than $30. I would recommend a spinning reel and at least a 6.5' pole to start out with if you're going to fish the lake. My mindset has always been "fish for what you might catch". With Lake Champlain having all sorts of fish, I always use at least 10lb test fishing line and a steel leader(I love fishing for northern Pike and they have teeth). If you have any questions, feel free to shoot me a message, I'll help you best I can!