I'm not a musician, but my partner is. This is not a trade you choose because you want to get rich. Buying a lottery ticket is a much easier way to get rich. It can be a rewarding career if you're not the cucible type, if you want to gain a wide variety of business skills and you're totally ok with living a modest life. When we first got together, he was very clear that music is not a temporary thing for him, it's his purpose in life. It's always going to be a big part of his life, and since we're together, it's a part of my life as well.
I have always wanted to live a frugal and simple life, so our needs matched exactly. We both strive to keep our expenses low, we live in an extremely cheap house, and when he's away playing music I'm baking bread, sewing our clothes and gardening. It works for both of us. It's not for everyone, it's a choice you need to make together. There are all kinds of stereotypes about musicians and while I'm not denying that things like drug and alcohol use are definitely more visible as they are in the corporate world, every musician I know is extremely hard working. Most of them juggle several sources of income. There are a lot of transferable skills you can gain, like marketing, customer service, business administration and project management. It's not difficult for most people to find side hustles and through these side hustles you can make a lot of money, if you have the luck and the skill, and this can in return fund the recording of new music and pay your bills while you're touring.
There's only one condition I've always set and that is that music should be self-sustainable. I will never take out a second mortgage on our home like the guy from Anvil did. A long-term music career is certainly not for everyone. You need to make choices and not everyone is going to be happy with them. But if my kid was 18 and in a band, I would definitely encourage him/her to get in a van and drive from squat to squat for a year and play for beer money. It's very valuable life experience even if you don't decide to do it for the rest of your life.