What does the squealing noise and burning smell mean?

Hello, I have a 2001 Toyota Solara. I just recently purchased the car a few weeks ago and immediately once I drove it home, I noticed a small squealing sound when I started the car but it went away quickly, and then when I got home and parked the car, I noticed a burning smell and there was a bit of smoke coming out the front of the car. So we popped the hood and noticed that the coolant was pretty much empty, so we filled the coolant and thought maybe that was why there was a burning smell. We've been keeping an eye on the coolant, and my dad concluded I do have a very very slow coolant leak, but nothing major. Also, the burning smell does not go away, every time I'm sitting idle at a light or when I park it I still smell it very strong and the squealing noise keeps getting worse and is continuing to last longer as I drive the car. So now I am almost certain that the burning smell and the squealing has something to do with each other, just not sure what. Any advice?