any tips for taking my little one fishing

[UphillHabit]

I'm thinking about taking my 5-year-old out fishing soon since I saw some kids having a blast at the pond down the street. I've never done it myself, so I'm looking for any advice on what kind of setup I should get. Are those little kids' rods from Walmart enough to catch a few fish? I just want to have some fun and maybe make some good memories together.