PART 1 ///
Avguste has it right.
He has a variety of positions/activities within music. I do, too. Most musicians I know do a variety of things within music to piece together a good income.
It is rare to get one great job and have that single position supply all the desired/needed income. You've heard the phrase "multiple sources of income," and it's absolutely true. It's totally what you should be thinking about.
Similar to Avguste, I perform, accompany, conduct, record, publish, teach privately, teach as Artist in Residence at Kennesaw University in GA, and I'm also organist/choirmaster at an Episcopal church. Through these activities, I make as much as my wife, who is a pharmacist. I actually work fewer hours. And 100% of my income is from music. It's a great feeling.
So, I encourage musicians to get rid of the "starving artist" mentality. It's a myth. Expect yourself to do well, work hard to become accomplished, and then market oneself well. The better you are, the more you can charge per hour. Relationships with colleagues are important, too.
PART 2 ///
It's not just about how much money you earn; it's about what you do with your money AFTER you've earned it.
Also, every person in this country (US) can retire wealthy. Every semester, I give my students a crash course on doing taxes, making sure they get every deduction they can legally get, and most importantly, investing.
If you're 20, and you open a ROTH account and invest $125 a month in a simple index fund until you retire at 70, you will have a million in the bank. If you're married and put away $250, you'll have 2 million. That's even at a crappy 8% interest rate. If you live alone and invest the maximum per year in a ROTH, which is $414 per month or $5,000 per year, you would have nearly 3.5 million.
See for yourself. Try out some numbers:
https://www.daveramsey.com/article/investing-calculator/lifeandmoney_investing/#/entry_formBoy, I wish someone had told me all this earlier. If you're young, take advantage of what I'm telling you.
If the monthly numbers seem too much to handle at your age, then try put $20 in a month and increase your monthly contributions every year by $10. $20 per month the first year, $30 per month the next year, $40 the next, and so on.
Heck, start with $5. If you invested that $5 instead of buying that popcorn, the $5 would be worth $269 in 50 years. $20 is worth over $1,000. Think what $100 per month would do in 50 years! Or $200! I think about that every time I buy something.
The earlier you start the better!
Best,
Robert Henry