I have a broad area MFA, painting major, photography minor, my father did the same in the 1930's. I also bought myself a teaching credential for a back up.
Teaching kept me from my art/photography/writing music so I learned a couple of trades. I worked those trades for 5 or 6 months a year, painted or was in the dark room or recording studio the rest of the year. I did this for 30 years, and raised a family. Now I'm writing music and practicing photography full time (I remarried well, ha!).
Mick Jagger said, 'no artist is ever discovered in a garret', which is true, but I say, 'you aint' an artist if you ain't making art'.
I'm glad that I formally studied art/photography even though I was born with a father who was an artist. I agree that it is almost impossible to make a regular pay check from pursuing one's own art. However, what has not been said here is that it seems that very few here really have lived with real artists, or arty type personalities. NEVER tell them that there life is just a hobby. NEVER! And even if there is no income, that does not make it a hobby if it is a genuine pursuit. Our society disrespects artists, and this will never change as long as there is a Republican breathing somewhere.
Most real artists have starved, lost families, and major opportunities to stick with art (as I have), not as a gamble, but as a passion.
I say go to school, and work your way through; school is a way of buying experience. Most self taught photographers are ALWAYS missing critical pieces of the experience puzzle because they pick an choose what they think are necessary skills. These gaps become a handicap at some point. If your are lucky enough to find an apprenticeship in the arts do that, but finding that today is nearly impossible.