For your five year old?
Waving a stick around with a hook on the end?
Really?
Well, whatever. Your doctor bills, not mine, but I know how much of a fan you are of "ObamaCare" so that's chill.
Anyways, here's my helpful advice:
All your hopes and dreams? Give up. Think smaller. Your kid is 5. S/he has the attention span of a gnat with ADHD, if you're lucky. S/he doesn't care about anything other than throwing rocks, kicking dirt, and an actual fish.
So, what you're going to need to do is find something that amuses teh crap out of them. That's why God invented the Zebco Snoopy combo. I'd suggest one of the 4' combos and not one of those 2' combos at this point.
Then, you buy some sz8 or 10 barbless hooks (coz otherwise an introduction to childhood animal cruelty lurks ahead), a container of bobbers, some cheap splitshot, and a box of worms.
They can be red, or meal, or probably wax or whatever kind you want. Proper Americana dictates red worms in a coffee can, but who gets coffee in a can anymore?
Anyways, take this whole thing down to your local pond, canal, sewer or whereever water has sat for more than three months. You'll find that office parks are wonderful for this is you avoid the NO FISHING signs. Its very Suburban Huck Finn, in its way.
Throw the whole thing in, and for about 10 to 15 glorious minutes your kid will enjoy reeling sunfish in whole have absolutely inhaled the hook (see, barbless, but you'll still cut ALOT off).
At the end of your 30 minutes (becuase you stupidly tried to extend this longer than you should have), retreat to the local playground and wish your kids gave a rat's *** about your hobby while they tear around on the slides.
But... if you're dead set on sticking a fly rod in their hands:
Buy an Eagle Claw Featherlight 7' 5/6wt rod. Why? Because when they smash it against trees, rocks, you, the ground, etc it will be indestrucable. Haven't you ever noticed that Snoopy rods are fiberglass? This is why. It will also cost you $25, so when they do eventually break it, you'll be far less angry than you probably were about the ObamaCare premiums to have a hook removed from the back of his/her neck. You will use whatever reel you have laying around, pikced up from the swap meet, or bought on Ebay or Walmart next to said Eagle Claw. It will be fine. TH eline can be your old one, see, saving money already!
Your kid is five. S/he doesn't care about fly fishing, and your attempts to make them enjoy it will end in dismal failure. They might like catching fish, and for that you might as well make it easy.
Anyways, good luck with storming the castle.