Buying an external hard drive was so much fun. They are so tiny these days and they hold so much space. But sadly, I want this hard drive to work on both Macs and PCs and this is not a simple matter. There is lots of info on the Internet and much of it is very confusing. Let me un-confuse it for you.
The newer way with exFat
Read this article explaining how to install first with Fat32 and then with exFat.
I did a screencast to show you how easy it is.