Hello,

I'm just starting out and I would like to know what are the basic essentials that I will need to actually get started in making my own cakes. I'm excited and anxious to start. Thanks

Welcome to CC! You're in the right place, there are tons of experts here and some of the nicest, most helpful people you'd ever want to meet.
What you need, to start, can vary based on what kind of cakes you want to do and how much money you want to invest. When I first started, I had a little piping bag set I'd gotten at Walmart (I think it was Farberware) with about 3 tips. I didn't get very far with that one!
I bought one of the Wilton starter kits, it's in a toolbox-looking thing. I can't remember exactly how much it was, it was my birthday present that year. Some things I use now and cannot live without:
Disposable piping bags (for borders, flowers and any large piping)
Parchment triangles (easier for me to handle for small detail work)
A variety of tips & colors (I much prefer Americolor color)
Turntable (the cheap-o plastic Wilton one works just fine for me)
A LOT of offset spatulas (amazes me how many I end up using on one cake)
Viva paper towels (for smoothing buttercream)

From there, the sky is the limit. As you get more involved, you'll find your niche and can get more specialized tools. Good luck and I can't wait to see you post some pics!