So I am in the very beignning stages of ballroom dancing, and I just wanted to know if people who are familiar with ballroom, could offer me a few pointers. I am concerned with what type of shoes I should be practicing in, when I should I start looking for a partner(I want to compete), what are finances like for ballroom dancers who compete, and anything else that anyone would feel that I should know coming into this business.

You didn't mention your age.
If you are at the very beginning, as you say, then I would give it some time before worrying about the other aspects.
Get comfortable dress shoes with leather bottoms, and determine how much you really like doing this and how much time and money you would be willing to put into it.
The veteran instructors will provide some insights, I am sure, but this is coming from a guy who has been dancing for more than 40 years, enjoys it a lot, has developed a lot of skills and quite a syllabus, but had another skill set that was steadier in terms of making a living. So be aware, that could happen to you as well. It is an art form and sport that you can enjoy for a lifetime, without the stress of trying to make a living at it or competing.
Don't be disappointed if you fall into that category. There's lots of us out there.
Good luck.

Thank you for your input. I am 19 yrs old. So would you suggest that I continue on with the group lessons and private lessons for now? Then worry about finding a partner later?

Some will tell you that you need to work with a teacher by yourself before taking on a partner. That advice is sheer nonsense.

Working with a partner allows your teacher to observe you clearly, something that teachers cannot do when they must also serve as their students' partners.

Also, having a partner means that you can practice as much as you need. To practice with a teacher, you have to pay the same fee that you;d pay for a lesson.

As young as you are, you should not have that much trouble finding a partner. Don't overlook the propsect of working with an older amateur.

jj