<aside> 🏋 This list is updated as of February 23, 2020. Any newer equipment than this listed date has not yet been accounted for. These are my opinions and feel free to disagree :D

</aside>

As a general rule of thumb:

If you have the funding, go for RECOMMENDED or SPLURGE options because in the long run, these kits will last you a long time and many more upgrades.
Upgrade lens not camera when you have the chance.
Keep all boxes - makes reselling easier.
Schools or studios who invest in their film equipments should factor in AMORTIZATION because equipments become obsolete over time. Usually over 5 years but you can probably push it to 7-10.
Individuals should focus on camera equipment rather than studio equipment because there is a much better payoff in the long run.
Stick with the same CAMERA FAMILY so you can upgrade easily.

For Individuals

Budget

Camera: EOS 70D or 80D

Lens: Kit lens or 24-105mm variable aperture

Additional Lens: 50mm f/1.8

On-Camera Mic: Rode VideoMicro

SD Card: Sandisk 64GB (at least 150MB/S) x2 (don't get the 128)

Tripod: Honestly any. But I like the Manfrotto Travel Tripod.

Others:

Lens and Camera Cleaning Kit
Get a good camera bag
Extra batteries

Splurge

Camera: Sony A7iii (you don't need the Riii unless you're a commercial photographer)

Lens: 24-105 f/4

Additional Lens: Samyang 14mm f/2.8; 35mm f/2.8; 85mm f/1.4 (depends on your purpose now).

On-Camera Mic: Rode VideoMicro

SD Card: Sandisk 64GB (at least 300MB/S) x4 (don't get the 128)

Tripod: Manfrotto Travel Tripod.

Others:

Lens and Camera Cleaning Kit
Get a good camera bag
Extra batteries
ND filters for every lens.

For Schools

Follow the same camera advice for individuals. Also, consider purchasing second-hand cameras of older models, but function equally as well:

Sony A7sii, Sony A7rii.
Canon 5D mark iii

Stick to recognized brands:

Godox (lights)
Neewer (lights)
Rode (sound)
Zoom (sound)

Lighting:

(make sure they're all CONTINUOUS lights. If you ask people for recommendations you generally get STROBES which are used for photography)

Big LED panels with RBG capability and BATTERY OPERATED rather than power-source. This makes outdoor shooting and moving camera gear around a lot easier and safer.
Small LED panels which can be mounted on-top of a camera
Universal light stands. Get sturdy ones or you'll regret it.

Sound Equipment: