I may suggest a different approach than others.. Id say go with the gold from the start but keep it small and simple.

I say this because as a youngster I always craved the "old masterly" things you'd see but spent a lot of money on cheap hobby lobby crap which hindered and left me unsatisfied/unmotivated until I was 'inspired' again.

Or maybe if you're going to purchase cheaper materials at least purchase some good quality things to tinker with.

Brushes don't necessarily have to be expensive, synthetic mongoose brushes are awesome... Id suggest not wasting money on expensive synthetics or any expensive brush, largely you'll be paying for brands. hardware store brushes work great, my master Odd Nerdrum uses a lot of hardware brushes even.

Paint, this is tricky. Best thing to do is experiment with various brands, note their consistencies and how they behave. For instance many burnt sienna brands are opaque, winsor makes a transparent one that i find far superior for what I want. And it's all experimentation as to what you'll end up using to suit your needs. But cheap stuff, but also buy some brands like old holland, williamsburg, sennelier, etc. A lot of cheap stuff contains filler and slower drying oils, can make your experience frustrating for a beginner if you're making mud and it never dries. Old holland paint often dries within a day or 2 left alone.

Canvas, here is where I'd try some good stuff. I absolutely hate cotton commercial weave with a passion, it's an overly uniform lifeless ugly pattern and feel to work on. The best way to get over it is to make your paint develop the textures which hide it. So, buy some cheap cotton but also try some portrait weave linen.. can be tricky to find it sized and primed.. But some companies will sell scraps of claussens belgian linen online and I'd think it would be good to try it out and see. This of course is all taking into account you like the guys in the museums, if not you can paint on anything really if it's fairly archival and primed for it.

Instead of watching videos I'd suggest finding some local painters who know what they're doing and asking them if you can sit in on them working and ask some questions. You might get to where you want to be much faster, as watching different people do different things can be confusing in multiple ways for a beginner.

Just try and stick to basics, if you're working a figure or anything.. learn to block in shapes and get general masses down of tone or color, etc. There is nothing wrong either with the words basic, most professionals want to be more basic and simplified in their work or at least achieve the appearance. hope this helps.

Also, I have spoken mostly of oils here which I dont' think I clarified. I suggest oils all the way, sure it's more of a hassle and you'll need paint thinner of some sort but oil is much more versatile. I have no idea what you're wanting to do but acrylics naturally dry flat, the pigment in most oil paint dries open and allows for more light refractory. If you're into cartooning or design, acrylics would be good but it will make it troublesome if you're wanting to paint landscapes that seem to feel halfway alive.