For entry-level anglers, ice fishing can be as basic as a wooden dowel ice fishing rod – having started out with rigs like this, I use the word “rod” loosely – with pegs for wrapping the line, a few jigs or plain hooks and a bobber for detecting a bite. Throw in a hand auger and a 5-gallon bucket that can be used to carry gear and double as a chair, and the investment is minimal – perhaps $100 or less.