New to the forum, looking for direction/guidance

[Flying George]

Well you started right way-asking

I can give some insight about first steps, 'cause I started just over year ago.
Firstly learn your basic tools and I mean inside out. Read the manuals.
Daw of your choice is first step, it is a journey. Don't buy stuff randomly, you are fine with tools in your daw. There are many options in production, maybe basic template for composing in the beginning. Learn synthesis, subtractive is good place to start.

I started piano lessons right away and I can't recommend it enough. I also study percussion and I do lesson once a week. Choose a piano teacher who can talk you about theory, composition and have some knowledge about production and modern technology. I did some time ago my first piano improv to the live audience. Piano become very important tool for me right away, instant click. I play every day, at least 1 hour. Sometimes it's early morning when I notice what happened, this happens a lot

I did also thinked that I want to make music in specific genre. Instruments and theory become my main thing. Join in the band, that was really good advice for me. I play keys in electro-pop band, brilliant. I'm in youth jazz combo too. Don't limit yourself, same goes to your productions. If it sounds/feels right it probably is.

I second Dance Music Production tutorials. Books are fine too. Most important thing is to DO things. There are plethora of tuts in interwebb
and it can be daunting and time-eater. In my early points I was hooked on tuts. Always try to think and find solution by yourself, after that repeat that several times, after that ask someone with knowledge. Then it's time to google/youtube. When you try to figure things out yourself you learn and also in that process you might find something new and fresh for your tracks.
Once I was messing with Flex algos in Logic Pro(very good daw) and I ran a different audio thought those. Sometime ago I was analysing my favourite artist track and I low passed the track to hear what's going on in bass department. I had wtf moment, he was using pitch down banjo in bass.
I did know that, 'cause I was learning my daw and one of my audio material was banjo. I emailed to him about, just asking about pitch down banjo-bass.
He replied and now and then we change emails. You see the benefits of doing yourself?

Be patient, your tracks are gonna sound terrible at beginning. Don't feel bad about it, it is a process. My first year has been a wonderful. There are moments of pain and desperation. Work trough and be true to yourself.

Good luck and feel free to ask. I'm beginner myself, but I have gathered some knowledge in composition and theory and some basics of mixing.

-George

[rod_zero]

I will also recommend Syntorial, an interactive course, to learn synthesis.

It can save you a lot of time and will train your ear to recognize sounds and their components easy.

After finishing the course choosing synths will also be easier since you will recognize what matters more for the sounds you want

[DJ Warmonger]

do any of you feel formal education (audio engineering, production, etc) is necessary

Yes, it is important to have some deep knowledge of how the sound, gear and ear works. Otherwise you will be walking blindly and never reach any conclusion. The time when you could suceed by trials and errors is gone, as there is a million people in the world who do just the same.

Should we primarily be reading books on music theory

Yes, for sure you need to learn some basics from people who know stuff.

Still, no book or course will teach you how to make that fat bass or to keep people entertained, so that comes from experience. To learn something, you need to try theory in practice. And never give up