The main gist of all this is YES it can be a good living BUT you do have to treat it as any other BUSINESS and for that, it IS work. In fact you will find that you do not have the same luxury to keep learning more and more tricks because when most amateurs are doing that you are busy trying to book your next show, restaurant gig, etc...
Didn't Vernon say something to the effect that if you love magic, you shouldn't go into it professionally?
Not that you guys don't love magic, but I think he meant that doing it professionally cuts into your time for enjoying it. Or something like that.
And I suppose the same advice applies to many fields of activity, not just magic.