Like any competitive artistic profession, there's a ton of money to be made by the most perseverent and talented, working in beauty, fashion, and advertising. For talented people outside that 1%, there's maybe a decent living to be had doing commercial, event, or weddings. For the majority who lack the right combinations of talent, drive, connections, and mind for commercialism, there's a meager living to be scraped out.
Most photographers are not financially viable, and most don't really try to be. Any photographer will tell you that it takes enormous determination to do it as a full-time job.