Photographer Erik Valind is showing you a great 3-point lighting setup for portraits over at the ExpoImaging YouTube-channel.
When it comes to lighting, speedlights will go a long way and if you choose them carefully you can save hundreds of dollars. (Check out this article for inexpensive camera gear.) In addition to the speedlights Erik is using the Rogue FlashBender 2 and some foam core board as a reflector. Again, if you choose wisely you can save money on the reflectors as well.