Monetarily, tourneys are almost never "worth" it. If you enter a tourney strictly trying to make money, most all of the time you will be disappointed.
Instead, you should enter tourneys because you love the game, because you love the competition, because you like to hang out with other who enjoy your passion for chess, etc. Anytime you win anything at all, consider it a "bonus."
Does your tourney have sections? Most of the larger tournaments have different sections, meaning, you will only play against other players of your approximate strength. Of course, if you've never entered a tourney before, you will initially be unrated. After your first tourney you will have a raing, but it will be "provisional."
In your tourney, there may be an unrated section or a lower section that you will probably want to enter.
Ideally, you should practice playing games and recording your moves as you play, as that will be required for most tourneys. I've read that some players who aren't used to recording their moves are initially distracted by that ritual.
Let us know how you do.
I'm 25 and I've been playing chess over the internet for about 5 years now. I recently got curious and looked up otb tounys. There is a place that host them fairly regurgly around me $20 entry fee and 1st place prize is $50. Doesnt really seem worth it but I'd kinda like to get my foot in the door and see how I do. What kind of level of play should I expect for an event like this?