Yeah, Squiers are Fender's budget line. They make great instruments to start out on. I personally am not a fan of Strats but I do recognize that they are great guitars that just don't suit my style.
Out of curiosity, what is your musical background? Do you have any musical experience prior to this? Do you know anything about music theory? Don't worry too much if you don't, you're not really going to need to know that stuff for a while yet, but I'm just curious.
I haven't been playing as long as Derwood, only seven years on guitar, but I've been a musician of some description since before the end of my first decade and was able to carry over a lot of the theoretical stuff to guitar. After seven years the one thing I still do daily (and recommend to new players ad nauseum) is scale drills. Run through a major scale in one position (for example, Amaj in 5th), then run some variations on it (I do it in thirds, then in intervals). Then run the chromatic, then the minor, then the same variations on the minor as well. Do it on one string, then up the octave (which puts you in 7th or 12th position for A, depending on which string you play on) and go through all that stuff again. Finish it all off by playing arpeggios up through the full range of the instrument, then pick a new key and repeat. It's all very boring and uninteresting to listen to or play, but it's also what will allow you to develop the hand speed and precision to do the really cool stuff.
Don't panic if you don't know what any of that means. Those are my own exercises; you ought to be able to find a book to give you some, or your new instructor can help you out.
Speaking of, your best bet is probably to head to the music store. They'll probably offer lessons themselves, but on the off chance they don't they will be able to point you in the direction of someone who does.
Oh, and one last random thought : you may want to consider investing in a metronome. Not everybody finds it necessary, but if you're new to musicianship in general having something to help keep you in time will not hurt. Always remember that playing the music in time (with precision) is far more important than playing it quickly.
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I wake up in the morning more tired than before I slept
I get through cryin' and I'm sadder than before I wept
I get through thinkin' now, and the thoughts have left my head
I get through speakin' and I can't remember, not a word that I said
- Ben Harper, Show Me A Little Shame
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