Thank you so much for your help!
So, within the last couple of hours, I found this tutorial where someone explained how to do it through Streamclip.
I downloaded Streamclip and followed the instructions… and my vid is now good to go editing wise in Final Cut Pro.. but my initial problem still remains, the quality factor!
The quality of my video is SO poor… It doesn’t look like it’s HD whatsoever. I was thinking converting it would improve the quality. I know it’s not just the fact the camera was $130… I’ve been looking on YouTube and there are several videos posted that were shot by this same camera that look AWESOME!
So really, I’m now wondering why my quality is still so poor, even after using Stream Clip. Do I need to convert it to something different again?