Ha ha ha ha ha! At the topic title.
The only time I ever made any money as a musician is when I played in a somewhat popular cover band. However, despite fairly fat paychecks, the earnings never did offset the price of rehearsal, equipment, car expenses to get to gigs etc.
I have a few friends that make an actual living in high-visibility national tribute bands. Most of my local cover/tribute friends are lucky if they earn enough to offset their expenses, and perhaps enough additional for a couple meals. Tribute bands generally out-earn variety cover bands at about a 5:1 ratio, and get better gigs (fewer sets and better venues).
Almost all of the original-music musicians I know don't make any money off of their gigs or records (CDs/downloads). They also have stacks of their unsold LPs and CDs cluttering up their apartments.
The original band I am in just did a tour and lost over $6000. :-/ Despite claims that musicians now "make their living on the road," few come to the shows, few buy the records, and few buy the merch… Of course, the gamble here is the people who *did* come will "spread the word." But in today's noisy distraction-filled world, I have serious doubts.
Despite all that gloom, Good luck with your record release!
-The Pigeon