LearningGuitar, you seem to be new at learing guitar(haha)

dont try to shred when you first pick up a guitar. If I were you, get used to your squier and learn to play scales and stuff fluidly. You can play fast(shred Steve Vai style) on just about any guitar. Just become more fluid with the guitarand improve your overall technique, give yourself a couple of months(2-4), and then really try to shed up.

If you take my advice, you will see natural changes in your overall speed in just three or so weeks. Also, learn how to alternate pick strings for faster licks. Dont really go into the hard stuff without knowing the basics first.

And the best part of all...

once you become a fast player on your Squier which the strings are a mile apart from the frets, go the a local music store and pickup a decent guitar just for playing and testing. You will see that you are blazzing faster on that guitar than on your Squier. Dont be surprized, the harder the guitar is to play, the better the results will be when you pick up a really good guitar to play.