So I've been playing for a few months and I've been basically learning how to read bass clef and i have that down pat even though I still have some trouble regarding the different rhythms; sometimes they get tricky if I don't hear the song. Anyway, now I'm getting into theory and understanding music so that eventually I can make my own music and sit down without my bass and write a piece of music. My question is this: I understand the major chords and minor chords and I can pick them out in songs and I know the intervals for certain songs like when I play a blue song I recognize the interval patterns and can point out C maj. E min. B dim. whatever...but how does this relate to being able to play my own music in the future? How do I take what I know and convert it to useful information towards my own individual playing. I guess I just don't understand yet how chords and everything are relevant and how they'll improve my playing in the future. Any suggestions would be greatly appreciated ... thank you :D

Music theory is just giving names to the sounds that we hear. The music comes first and then the analysis of it.

There are certain patterns that have emerged over the years (mediant>subdominant>dominant>tonic root movement for example) and sometimes new sounds come along that require new analysis and new names. However, music theory is for analyzing what has already been played. If you are using theory to create music, all you are doing is recycling something that has already been done, you are just now aware of it and what name it has (eg. deceptive cadence).

What would be most useful to you for creating music is ear training. Beethoven was stone deaf by the time he wrote the 9th, but he could "hear" it anyway. I don't think he was too engaged in how chromatic he could make his harmonies, he was just writing down what was in his head and he could do that because his ears were so good.

Music Theory = analysis of things that happened in the past
Ear Training = realization of things for the future

My question is this: I understand the major chords and minor chords ...but how does this relate to being able to play my own music in the future?

Sounds like you understand how to construct chords in isolation, but not really how they function.

heres my standard reply:
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THEORY PROGRESSION
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Theory can seem like a quagmire to those who are starting out, and it's often difficult to know just how important a particular aspect of it is. I will say that learning how chords are built from scales is the most important aspect of theory. It is far more useful to understand chord construction than to memorize all those "Scales A and B go with chord X" formulas.

I'd say the logical progression learning music theory is kinda like this:

1.) learn the major scale, and how it's constructed
2.) learn the minor scale and the dominant scale and how it relates to the major scale (i.e.; its the V and vi mode)
3.) understand how other 4 modes of the major scale are derived (less important to memorize these other modes at first)
4.) Learn how to harmonize the notes of a major and minor scale by building chords / stacking thirds.
5.) Learn to look at common chord progressions as "numerals" (eg, I-IV-V ect) to understand how the chords relate to the song's key.
7.) Learn arppegios/chord tones, and pentatonic scales for major/minor/dominant scales.
8.) dive back into modes for more detailed ideas about what "goes" with what chord.

Bass playing is basically a matter of knowing what to play over various chords. It may seem daunting at first, but my practical experience (bass in pop/rock) has been that I mostly use Major, Minor, and Dominant 7 related bassline patterns, usually based on chord tones and pentatonics.
Even if you're playing some guitar oriented riff-rock, each riff is going to imply a chord of some kind.

85%+ of the time, you will be going from root note to root note as the chords change. The trick learning is how to do it with a groove and feel that is stylistically appropriate to the song. The best way to reach stylistic understanding is to learn songs you like and pick them apart to see how the bassline relates to the chords.

If Jazz is your thing, you will probably be learning theory forever.
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Number 5 above seems to relate to what you are asking. understanding how chords relate to each other will aid you tremendously in coming up with your own ideas. google terms like "functional harmony", "harmonizing the major scale" and "cadence"

Also, you will learn a heck of a lot from anylzing your hero's bass lines in terms of harmony/chord progressions. Figure out how their note choices fit into (or fall outside) the harmony of teh song.

Learn to play the chords of a lot of songs on a piano or guitar.

Then, rip-off a few chord progressions and make up a song.

Huh? Yes. There are only so many progressions. Basically, everyone uses them over and over.