no cotton against the skin, period. get a good pair of snowboarding socks, and then some nice thermals. I really like the Helly Hansen HH/Warm ones, they're polypropelene on the inside and merino wool on the outside so you stay warm & dry.
Then it's just a matter of buying a decent outer shell. I would go with at a minimum of 10k/10,000g waterproofing if possible. I'd consider looking for used shells on CL and whatnot since they are pretty durable and can be very expensive, especially if you're just starting out. I got a jacket last season on mega ultra closeout for $160 and it was normally like $380. It adds up.
Also, depending on where you're going you may want more than one pair of goggles. I have a pair of Smith Phenom's and a couple different lenses that I can use depending on light conditions. one is a fairly low amount of tint "Sensor Mirror" and one with very dark tint "Platinum Mirror". If it's overcast, shady or getting dark the platinum is way, way too dark and I can't see the snow contour, on the other hand, if it's super bright bluebird out, I'll go blind with the sensor mirror