Wow, I am very glad that I am not the real Photographer.
Looking at the photographers around town:
Quite a lot do day-to-day media work/small scale event coverage on a freelance basis. This pays, once you do the bookkeeping properly, below minimum wage for untrained labor.
A handful do work for in advertisement/commercial photography. That nets you an annual income similar to what you could expect as a MSc, although with greater fluctuations from month to month. The clients also pay for your creative input, giving you more freedom in that regard. And you meet interesting people & get to play with fancy toys.
Anyone in the first group should take a step back and think thoroughly about your statement.
I'd say those who did either advanced into the second group or got a different job.