As far as I'm concerned that depends totally on your setting. I tried to avoid starting characters above level one, but from time to time we'd have to bring in a player with a higher level character for one reason or another. Then I'd look at the party gear (armor, weapons, and so on) and extrapolate from there. I also tend to run relatively gritty, low magic games so it's easier to do this.
Usually, though, a character under fifth level would start with a couple of good weapons (nothing more than +5 or +10 from any source), good armor, maybe a 2xPP multiplier or spell adder if they were a caster of some kind, and assorted adventuring gear. As for money, I'd take standard staring and multiply it by their intended level (don't want them starting too rich). Of course there was always stuff from background options and the like, too.