I am actually making my first survival kit in the next few days. I just made an order tonight at goinggear.com and the guy was awesome. This is what the guy said to me in one of our conversations and it made so much sense.
He wrote

"I consider very few things as survival situations
(I basically need to be critically ill or injured), so what many people
would consider survival, I just enjoy as a challenge in the woods"

I believe this is where KNOWING YOUR EQUIPMENT YEAR ROUND comes into play. You don't want to learn to use your equipment IN the time of need.

My first survival/outdoor challenge kit will include

This is what I would want in my pack

$20 cash

100-200' ft paracord

2 fire steels w/ extra strikers

wetfire tinder AND regular tinder (laundry lint is FREE folks)
compass

fishing gear 3 & 12-15lb test line asst size hooks (12 lb test can grab some small warm blooded animals) MMMMMMMMM DINNER

as crazy as this may sound 2 empty cans (soup, corn, beans NOT BEER OR SODA , for boiling and collecting water) soda and beer cans are to thin

bottle each Aspirin and Ibuprofen

Crazy glue (3 for $1 at ANY dollar store, OBVIOUSLY HAHAHA)

A 6 pack of arrow broadheads for trap making

Good outdoor knife and IF possible a machete

Couple of empty perscription pill containers with holes

enough rain cover ( 8x8' tarp, paint drop mat) to cover at LEAST 2 people even if you are just 1

rain poncho

All weather padded neoprene gloves to keep your hands warm and prevent blisters when chopping wood

asst bandages

neosporin

I know there is more, anyone care to chime in