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I have been speed running games for a bit now and want to get a decent setup for streaming, can you guys suggest something that is decent that I could use that wont break my bank? preferably the whole setup for under $300 with $500 being my max if things are necessary for much better quality.
Thread title:  
Fucking Weeaboo
Do you have a desktop/laptop already? If so, what are their specs? What systems are you going to record with? Do you feel the need to record using component/HDMI setups or is S-Video fine? Are you going to stream, post to YouTube, and/or submit to SDA?
I have a laptop http://www.toshiba.com/us/computers/laptops/satellite/C50/C50-BBT2N11, and I have a big 50 inch TV with an HDMI port. I was hoping to live stream with twitch, but I would also post videos to youtube if my connection isn't good enough to live stream. I also have not looked into systems for recording yet. I really don't know a whole lot about recording technology, so any recommendations are greatly appreciated!
These are the two main things that helped me when I was getting started:

I asked puwexil about his setup: http://ask.fm/puwexil -- "My TV is a Daewoo-model CRT (CRTs have less lag than LCDs, especially with retro consoles) with A/V outputs (which make it so I don't need a separate A/V splitter for my capture card). I use a Dazzle DVC 100 to capture from my Nintendo consoles and an Avermedia C027 for my Sony consoles (used to use the Dazzle for everything, but decided to get a 2nd capture card to make switching back and forth easier). I use AmarecTV with Lagarith video codec to local record my runs for Youtube and/or SDA, and XSplit to stream to Twitch (tried OBS a couple of times but it just doesn't seem to work right with my sound card).
For getting started with SD console streaming, I would recommend either a Dazzle DVC 100 or an EzCap, as both can do either S-Video or composite video, and aren't very costly (~$50 USD or less)."

And this blog post on The Thrillness was also pretty informative: http://www.thethrillness.com/2014/03/capturing-and-encoding-video-for-sda.html -- the whole blog is full of capture card reviews that can be helpful if you're trying to record off your TV.

There are probably 100 different ways to correctly answer the question and in the end it kinda comes down to, as Sir VG asked, your existing equipment, budget, and what you're trying to stream.