Hey JAHVILE - ALL CAPS, yea?
It's not the equipment you have that it's important. It's the equipment you're going to waste all your money on for the next few decades that's really important. Just so you know you will never be happy making beats. You may have fleeting moments of happiness or even elation, but it will be so short lived you'll wish you'd taken up crocheting because at least then you'd be able to make the grandkids some hats for the winter and feel some sort of purpose of your being - I mean, what can your 5 year old grandkid do with a half baked, unmixed, off beat boom bap instrumental in flac format? I mean maybe they can advise you on your lack of low end or add a foley you didn't know you needed?
What I'm trying to say is welcome to the forum. I hope you enjoy your stay.
PS. I'd suggest an upgrade sooner rather than later. Feel free to fire some questions or get advice in the hardware section. Also
@Fade (the boss) has an abundance of guides, tutorials and some how-not-to's as well, that are well worth a read.