For me the love of music keeps me going whether I am making sustainable wages or not. If your heart is in it the rest shouldn't matter imo. You are very right the chances of "making it" are extremely slim. That being said it seems you already know there are other avenues of making money with music IE teaching. My opinion is that you shouldn't worry about the other "competition" or think of it in that way. Focus on your music and if the passion is there the rest will fall into place. Your passion will determine if it is worth it or not.