Question: What are some of your best pieces of advise to someone new to the hobby?

Stream it and Let It Be (Self Powered)

Listen, listen, listen go to friends homes to hear their systems, bring records or CDs you are familiar with. I would buy gently used as your dollar goes twice as far. Bring a note book so you remember what and why you like certain equipment. Enjoy yourself.

To spend what they are comfortable with but make sure they know that other than us audio-fools they can likely get 10 years out of their investment in listening - if they are careful to put together a system that isn’t strident sounding.

Take any recommendations with a huge grain of salt because 90% of people will parrot what they bought to justify to their ego that THEY made the right choice.

Measure their room. Despite what Paul Mcgowan said in a recent YouTube video, you can buy "too much" speaker for your room. If your room is 8’ x 10’ you don’t want LaScalas. Keep in mind that most speakers sound and image their best if pulled at least 18" from the wall if not more.

Go to a bricks and mortar store even if it requires a day (or two) trip to hear and compare speakers, amps, preamps, DACs, turntables (cartridges) and get a feeling for what trips their trigger. Do this BEFORE buying anything. You can read all the reviews you want and watch endless YouTube videos and ask people on this forum all the questions you want, but at the end of the day, hear something with your own ears.

No matter what, speakers should be your first priority. Some say source, but if the speakers can’t deliver, the source won’t matter. I’d say budget roughly 1/3rd of your total budget on them.

Buying great speakers that will scale with "eventual" better electronics is easier than vice versa.

Buy price commensurate items. As @vthokie83 said, if your system is in the $10K range, it would make little sense to buy a Mola Mola DAC to run through some ELAC DBR bookshelf speakers powered by a "cheap" ChiFi Class-D amp.

Most of all remember this is a hobby. It is supposed to be something that brings you joy and moves your soul. It isn’t supposed to stress you out. Have fun.

Oh, and keep in mind that you are human and will sometimes make a mistake. Don't let it kill your interest or joy in audio and music. Keep on keeping on. 

Understand the recordings sound quality of either an analog or digital recording dictates the audio systems potential. Don’t believe loudspeakers are the most important system component, everything matters. A dedicated 20 amp power line or 2 depending on the complexity of your system should be the starting point. Room acoustics have equal importance but should be your last task as you dial in your system. Look for components that have a low noise floor and lack a "mechanical" sound characteristic, even some budget gear can achieve this. Don’t try to integrate a home theater system with your 2 channel system it will almost always degrade the SQ. Lastly know what your biases are and what you like, because there is not one unanimously perfect audio system.

Get your information from a wide variety of available sources. Do not think more money necessarily means better results. Start off smart but modest and go from there. Take your time and do your homework.

Or go cut to the chase with one of the many quite excellent integrated solutions available at all price points these days. Study up on "Future Fi" , for example: Is this the future of hi-fi? (I think it might be) | Darko.Audio