Burgeoning photographers—throw out your kit lens and pick up this $84 Canon 50mm f/1.8 lens.
This lens offers the best dollar-per-dollar value in photography, bar none. It stops all the way down to f/1.8, letting in plenty of light and blurring backgrounds for awesome portraits.
All budget conscious photogs and students out there should own this lens. This second-generation model offers a quieter autofocus than its predecessor and creates equally sharp images. If you have a Canon EF camera, this is a no-brainer.