The bare minimum you need to record a podcast is a computer with a USB microphone and access to the internet. As a general rule, though, the more limited and lower cost of your setup and equipment, the more limited the sound quality of your show will be.
Simple USB microphone setups can give good results if you choose the right mic. Plus, you are much better to get started and see whether you enjoy it before forking out big sums of money on audio equipment.
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