Making money from music today is a whole different game. I was talking to my wife today on the way home about some of the post production work I'm doing now (having been forcably retired recently). It doesn't pay the bills. It definitely doesn't pay for the equipment, the software or the studio space. My wife's reply to my thinking about doing post production work more regularly?

"Honey, you make a great house husband,"she says. "Don't screw that up!"

Beginning my senior year in high school I actually started making money from music.  I was able to put myself through grad school and snag a Ph.D. with income from both scholarships and music.  As a teenager I thought I could be a professional musician (I mean the Beatles did it), but didn't think seriously about it after I got a few years of college under my belt.  I mostly play for myself these days by choice.

It's all relative. My income today is about the same as it was in 1985. Since Y2K this wave of collapse has torn through North American industry and many of us aged 50+ were made redundant and pushed aside. It hasn't ended well for many people, me included.
But on the flip side, I have a place to live, food to eat and a family that cares about each other. That places my lot in life above hundreds of millions on this planet. In that light, I'm doing very well.
I've never made money as a musician because I have the talent of a Dung Beetle. I have made money as a producer, technician and doing cover photography for artists. I do make some very nice guitar amps now and then, plus I get work as a freelance tech writer.
Things could be far worse and I'm thankful every day that I learned how to think and adapt. I'm making lemonade.

*Teaser!*
 
I'm about to launch something on Tuesday that will ignite my personal business again and could make me a VERY decent living!  More to follow... 

I've spent 40 years in a job that has always been just a job. Something I do for living getting next to nothing out of it except for the (moderate) salary. Music hobby is something that has added some depth and spices to my life,  something to wait for (and keep the nice memories of cellar-band-youth alive). There are often months between my music sessions - simply for practical reasons. There's so much to do with the house and yard, and I'm unable to concentrate on fun if there  are too many must-do-tasks in que.

There are companies pitching exclusive deals for $250 a song.  Can't make a living off that!  It used to be much higher, but with the ubiquity of songsters the price went down (unless you're already established).  The only thing in the music business that really works is live shows.

I'm a weekly pianist and I sometimes get a token gift. I had a card on the piano yesterday with a 100.00 dollar bill in it. I was out of work because of surgery a few months back and they passed around a hat for me. It was enough to cover my month out of work. So I guess I was indirectly paid for music. 
I work in one area and live in another area. The area I work in is in a high income bracket. The salary I make isn't enough to afford to live where I work, but I have a good steady job. So I commute to an area I can afford to live in.
It doesn't hurt that my wife also works and makes way better money than I do. Things would be a lot different if she didn't also work.Together we make it work and  usually have some to spare....that's only until the grand kids get older. :) Took my sons family family out to dinner the other night and they all ordered lobster. Ouch.
 
I don't really want to get into all the riff raff of the music industry. Not that they would want me anyway. I like music as a hobby and playing part time.

Making a descent living...yes.  I do alright.  In the music industry....no.  
 
Hey, I did make $50 in the music industry last week though.  That might pay for a new set of Bass strings.  

Everyday my living gets flushed down the ol' crappe... sorry, I thought you said descent.

Humans - the only species that has to work to live on this planet.