I want to sign my daughter up for ballet..................?

I will start off by saying, that I am a 14 year old girl. I have always waned to do ballet, but my acting schedule has conflicted so much, that i couldn't. I DO NOT have a daughter right now (in case anyone jumped to conclusions), but when I do have a child, it is my dream for her to be a ballerina. What should I expect? The training? The hours? Is it expensive. Tell me everything you can about ballet, because I know nothing about the elite world of dancing. I don't know if this will be a major problem, but I also want my daughter to follow in my footsteps, and be in the acting buisness. Acting, also takes a LOT of time. Will the schedules conflict a LOT. Will it be so bad that she may have to choose one over the other? Thanks!