Well, that's the VERY basic essentials. But in addition to the plane, engine and radio equipment, you'll need to spend another $150 to $200.

Here's why.

1) You really need to join a club to fly glow powered RC, almost every club requires that you have an AMA membership (for the liability insurance), and AMA is $58 per year (if your over 18). Here's a link. http://www.modelair.org/
2) Club membership will be somewhere between $25 and $125 per year.
3) Other stuff you'll need: Fuel ($15 per gallon), 3 feet (minimum) fuel line ($5), Fuel Pump ($15), Glow Plug Igniter and charger ($20), if there's any way you can afford it - 12 volt starter for the engine with a 12 volt battery and charger ($65), an extra glow plug and a couple extra props ($10).
4) Then you'll need some CA Glue ($5), some 30 minute Epoxy ($5) and other stuff you may or may not have, like screwdrivers, pliers, small saw, sandpaper....

One thing this hobby is not, is cheap. []

To start with new equipment and buy everything you'll need including memberships, I usually tell folks to expect to spend $450 to $500.

Go to those clubs FIRST! They may have a club trainer that you can start with, or someone may have a used trainer package they'd be willing to sell cheap. (I've helped people get started with plane, engine, radio and a few extras for about $150 a couple times.)

I'm not trying to discourage you, but thought you should know the truth before you jump in.

Good luck, have fun, and welcome to RCU!!
Dennis-