Is Lion suppose to have a .profile already?

I just got a new MacbookPro. I open terminal and wanted to edit the .profile file, but it is not there. Is there suppose to be one there already? Am I suppose to make it myself? I have a /etc/profile file already. I wanted to make a bunch of aliases and other initial things I want my terminal to know when I work at the command line.

How do I get this set up?

Thanks

Just create a .profile in your home directory. They're not there by default, because it loads the system-wide one first.