Will I go over 500 MB with my Apple iPhone 5 on T-Mobile's individual plan?

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Hii i just got the same phone with the same bill thAt you have. Yes you will go over. after a couple days i had used up almost half of the 500. If you watch a lot of videos as i do then you will definately go over. Log onto my-tmobile.com they should show you how much you have used... As for the wifi either ask whoever is paying the bill maybe your parents idk but ask them if they have wifi just because you hAve internet does not mean you have wifi. If you dont, ask them if they can add it because then you wont have to pay extra for the web service tmobile charges 20 dollars for (thats what i have).. But basically that 2g means that once you use your 500 mb of data at 4g (the fastest) you will still be able to use the internet but only at 2g speed which is extremellllyy slooowww!!! Haha i hope i helped

Because twitter is mostly just plain text, the amount of data it uses will be very minimal. Even browsing the web won't use that much data, unless you're not on websites designed for a mobile phone.

Your biggest problem will be using Youtube and downloading music. With 500MB, you would hog up most of your data doing that within a couple days. Just one video could use up 10-20MB minimum. One song could take up about 5MB of data. You should really restrict these to very rare usage.

Your friend most likely had a computer tower with a built in Wifi tower. This is not standard, so you should look up your computer model and see if yours has this feature.

What that last part means is that they will continue to give you data, but it will be really slow. 2G is horribly slow. This means you won't be charged if you go over, but they'll make it almost unusable. Let me compare this to a water company. Imagine your local water company told you that after 500 gallons of water, your water pressure will be reduced to droplets. That means every time you turn on your faucet/shower, only drops of water will come out. You still technically have access to water, but it's impractical to use it. The difference here though is, with data, when it's too slow, it might not even load webpages.

Correct - it just means for that month that you went over. That means once our minutes/data have been renewed for the next month/cycle, you will have 500MB of full data speeds. It does NOT mean forever.

P.S.
We're aware of how the point system works, and you can't just give us 20 Points. I believe best answer is granted 10 points max.