dietcookie,
Welcome to the world of home recording. Before long you'll want/need another kind of mic, then you'll need a better mic pre, then you'll need a better compressor and a better effects unit and better monitors and a better mixer, etc, etc, ectc etc, etc ........................
Like many people I started with two cassette decks, a cheap mic and a keyboard - now many years latter, I've got $40,000 in gear and I still want more.
If you don't piss it away on gear, you'll piss it away on something else.