Online forums are a great place to learn so you're in the right place!
I would say in a nutshell, you've got to go to school before you embark on any projects. I, like most others, am basically a self-taught woodworker.
There are so many ways to learn & free: "University of YouTube", Fine Woodworking videos, as well as various books. I think Paul Sellers may be the single best resource for a newbie woodworker. He is a bit anal at times, but very strong on the fundamentals of layout and hand tools.
Watching other people's work in project videos is valuable. Top notch are Guys Woodworking, David Beoff, Doucette and Wolfe, Matt Cremona, Mike Farrington, and many others. I recommend you check out those channels.
IMO hand tool skills are the foundation of any fine woodworker. We tend to focus on machines starting out, but I highly recommend you focus on assembling a basic set of quality hand tools.
I look at any tool I buy as an investment. I started out buying cheap tools & I promise that is a mistake. All it leads to is frustration, inconsistent results, and maybe getting hurt.
That's a good budget, but again it will take you only so far if you buy decent tools. The first machine should be a table saw, and it should be the best you can possibly afford. Jobsite saws like the one you have there honestly won't take you very far in ww'ing.