Ruthlessly stealing this wiki from Slickdeals
Things many believe you MUST have
Razor
Double edge blades
Shave cream or soap
Technique & Research [badgerandblade.com]
Things many believe you SHOULD have
Brush (for "whipping" up cream, exfoliating the skin)
Shave bowl (to assist in creating lather from cream/soap)
Balm (to soothe your skin, totally worth it)
Things many people DO NOT need, but are fun
Styptic pencil or alum block (you WILL nick yourself at some point)
Pre-shave oil (helps to soften hair)
Razor / brush stand (allows for easier drying, and looks awesome)
Fancy shaving bowls
Scuttles to keep your rich foam luxuriously warm
20 different soaps and creams
BLADES
DE blades range from about $0.08 to $0.30 each, and each blade will last you 3-5 complete shaves or so (depending on quality).
It is a well-accepted fact in the DE community that blades behave differently on different skin. It is generally recommended to buy a customized sampler pack of several different brands to see what works with your skin (usually sellers will let you pick the brands you want to try). West coast shaving is a great source.
$10 - 35 Blade sampler pack (Feather, Astra, Personna Red, Crystal, Derby) [westcoastshaving.com]
$21 - 65 Blade sampler pack (Feather, Astra, Personna Red, Crystal, Derby, Merkur, Gillette, BIC, Dorco) [westcoastshaving.com]
$8 - 100 Derby Blades (cheap and usable) [amazon.com]
$12 - 100 Astra Platinum Blades [amazon.com] Well known, almost as sharp as Feather, may last longer than Feather.
$15 - 50 Feather Blades - Gold standard and well known, highly-regarded as the sharpest, but also the most unforgiving [amazon.com].
CHANGING BLADES
This is extremely important, and I speak from experience. When changing blades, you MUST be careful. You should always put the head of the razor upside down on the counter (with the handle pointed straight up), push downward (with the fingers on your weak hand) on the back of the head towards the counter while unscrewing the handle with your strong hand.
DO NOT squeeze the sides of the head while unscrewing the handle. If you lose your grip, you WILL SERIOUSLY INJURE YOURSELF. Again, I'm speaking from experience. With cartridge razors you're typically never at risk of cutting yourself, with DE blades the risk is much greater. Do not form bad habits changing blades. You will regret it.
Alternately, rest the long edge of the razor head on the counter with the handle sticking out over the edge and let the countertop hold the head while you twist the handle to tighten/loosen.
BRUSHES
BOAR There's a big boar vs badger debate. Many people think a $15 Omega boar brush is better than any of the expensive badger brushes.
$16 Omega Pro 48 [amazon.com] boar brush, used by pro italian barbers everywhere.
$14 Omega Pro 49 [amazon.com] if you prefer a bit of color.
And some great information on boars [bruceonshaving.com], and why should you try them.
BADGER
A decent badger brush will run you at least $20 (the Tweezerman on Amazon is bottom of the barrel as far as badger goes... "pure badger" means "badger hair that we've cut to make it curved". A decent quality badger brush will be "best badger" or "silvertip badger"), so most people prefer to save the money up front to make sure they'll stick with it.
$13 Escali 100% Pure Badger Shaving Brush [amazon.com]
$13 Tweezerman Pure Badger [amazon.com]
$39 Parker Best Badger w/stand [amazon.com]
SYNTHETIC
$12 Body Shop Synthetic (Nylon) Brush [thebodyshop-usa.com]
SHAVE CREAM & SOAP
$8 in stores, 4/$20 on Amazon Kiss My Face Moisture Shave [amazon.com] is another perennial favorite. It easily produces copious lather with a brush, also works well brushless. One of the best values ounce for ounce. Also popular as an additive to soaps for superlather. An 11 oz. pump bottle can last for several months.
$35 for about 2 years worth of Cella [italianbarber.com], a well respected tallow based soap
$11 Proraso [amazon.com] is a long time favorite from Florence, Italy. Smells great, produces amazing cream, and it's been around forever. They also produce the C. O. Bigelow cream sold at Bath & Body Works.
$10-$20 depending where you get it. Taylor of Old Bond Street [amazon.com] is another favorite. It has many fragrances. You can't go wrong with Sandalwood or Avocado. Various websites often have deals on this brand that reach the FP.
$4.50 or so when you buy three - Colonel Conk Bay Rum Soap which is one of the top sellers
http://www.amazon.com/3-pack-2-25...B001OMVB38 $2 Van der Hagen Glycerin Shave soap [drugstore.com]. This is slickdeals after all. You don't need to spend tons of money on expensive creams. (but you get what you pay for. this is like shaving with handsoap)
$33 Tabac [amazon.com] is one of the more well-respected soaps. Definitely worth the money. Keep checking
http://www.fragrancex.com/product...ducts.html for really good deal on Tabac shaving soap.
$20 Edwin Jagger has a great line of soaps [amazon.com], most gents and ladies prefer sandalwood.
$10-13 Mama Bears home made shaving soaps [mamabearssoaps.com]
$9 Speick shaving stick [amazon.com] has a great smell, is good for travel, and it's tallow-based so truly SLICK.
AFTERSHAVE & BALM
Out of all the garbage we've bought because of mass production and marketing. A decent aftershave is something we probably already have. But here are some great options:
About $5each - sold in a 4 pack on Amazon - Nivea has a great post shave balm [amazon.com] that a lot of people love. You can get it almost anywhere.
$10 - Some people like Witch Hazel as an aftershave. Here's the alcohol-free version from Thayers [amazon.com]
BOWLS
You can use anything for a bowl... maybe a coffee mug, cereal bowl, etc. Most gents prefer largish bowls... maybe 5in diameter, with curved sides. Ceramic bowls will retain heat better, which warms your cream. I use a wonderful ceramic bowl I snagged at a Goodwill for $1.
STYPTIC PENCILS & ALUM BLOCKS
Styptic pencils are a spot treatment for more serious nicks, while alum blocks are used on the whole beard for razor burn and minor nicks.
Styptic pencils are $1 at Walmart [walmart.com] (no plastic carry tube), or $3 at Walgreen's [walgreens.com] (with a plastic carry tube).
Alum blocks can be found at some Turkish and Indian stores or at Amazon: Tulumba Barber Alum [amazon.com] or Bloc Osma Alum Block [amazon.com]
GET HELP
For your own safety you should seek information beyond this post/wiki. Please don't view the opinions in this wiki as fact. Please do not view the opinions in this post as expert. Please check out the following shaving forums and please only consider this wiki as a point to begin learning. And don't start buying/using anything until you do some real research on another site.
The forums at Badger & Blade [badgerandblade.com] are your friend, as is the group at Wicked Edge [reddit.com].
If you have a question about a product, it has been reviewed on B&B.
If you have a question about technique, it has been discussed on B&B.
If you have a question about where to buy what for the best price, the answer is on B&B.
Mantic59's YouTube channel [youtube.com] has amazing videos for all levels of wetshavers, particularly newbies that know nothing.
Go here to find out how to make proper brush lather, proper shave technique, proper blade angle, etc. He's a master.
Sharpologist [sharpologist.com] is a website started by the same guy with info on shaving, along with other grooming topics.
Please note that DE razors should be disposed of safely in a closed, sealed container). They sell blade banks on Amazon and other places fairly cheap. <-- The dispensers for feather (and other) blades have a compartment on the back for used blades. Most pharmacies will accept DE razors for disposal with their other sharps. Please do not simply throw them away! They are a hazard to humans and the environment.