Geebus. You make things easy for yourself, don't you? Planning kids, working, studying... i bet you'll throw performing in there as well as you get a bit of a network behind you, if you haven't already.
Well, i guess there's a couple of things to remember:
1. The only stupid questions is the one you don't ask
2. There's only stupid answers given by stupid or arrogant people. Hello...

3. There's nothing you 'should' know. Ask Mr RB - you'll be learning about music and technology and production techniques until the day you either stop being interested or take your last breath.
Welcome, and enjoy your stay + course. Oh, and don't use the apples as bongs. I really can't stress that enough. The possums are getting really twisted.