You do not get a .bash_profile by default, as it is ONLY needed if you want to modify bash shell environment when you start a new Terminal session. If you are happy with the default bash shell environment, then there is no need for a .bash_profile.
One final question, do I need to create .bashrc and .profile as well or will .bash-profile do? I am attempting to install RVM so I can learn Ruby on Rails on my own.
If you search "man bash", you will find a section on bash initialization files, and the rules for when different ones are invoked.
.profile is ONLY used if it exists and there is NO .bash_profile in your home directory. bash will NOT read both, and .bash_profile is selected over .profile if both happen to exist.
.bashrc is read when a subshell is created. For example, if you issue the command 'bash' while already in a Terminal session, or if you are in a Unix text editor and ask for a temporary subshell so you can do something and then return to the editor. Or other similar situations where a subshell is desired.
.bashrc is NOT read when a new Terminal session is created, unless you personally "source $HOME/.bashrc" as part of your .bash_profile.
The typical division of labor between .bash_profile and .bashrc is that environment variables and other once per new Terminal session activies are done in .bash_profile. Aliases, command prompt (PS1 - if you are dynamically changing it because you are in a subshell), and other settings that are not inherited by a subshell are put into .bashrc
Most Mac OS X users, that rarely use the Terminal, are just fine using .bash_profile, or no .bash_profile at all.
