A $500 hundred dollar budget is PLENTY to get you on your to way to a good set up, and you'll find on this site thats its mostly about personal preference more than anything!And just as Walhangr stated, don't get caught up in the speed game. Go get your measurements and then shoot as many different bows you can in your price range and find the one that fits you best!! Make sure you get a good set of the same arrows, all cut the same(length wise), fletched the same, and use the same weight tip(85gr,100gr,125gr). Your arrow is the most important tool!!! The bow just propells it on its mary way to the target, hopefully a monster buck Good Luck and Welcome to Club brother