You do not choose photography as a profession to enjoy a good income, actually sometimes the income is very erratic and if you are someone who does not have the habit of saving + maintaining good balance in your bank account (spendthrift and like to enjoy type which is ever so common nowadays for SGreans 28), it may not be an intelligent move for ya. But you do join it because it offers you the freedom of being "the boss", and not suffer from the near-daily suffering that some other regular mundane and somewhat "sunset" professions like IT, and matched with hellhole companies its a really wicked combi that can suck the life out of you. Check out how is it going in good sized branded local companies like Singtel, Mediacorp etc.....
Perhaps I am not a good example and I do not see how other PGs are doing, but I do see a lot of VGs, mostly in the 1-2k bracket, sometimes up to 4k bracket. Still HDB goers and the likes, nothing fanciful. They own cars are because they have kids and they live somewhere inaccessible like Yew Tee, not because they earn enough and can afford good ride to impress pretty girls. LOL! I have met someone who played the market well in 2009 and profitted about 300K plus, so now driving a Civic R.
You need to factor in that you cannot be doing photography for life, while if you don't mind a lower paid salary you still can survive with a regular job. You know, when you are in your golden years...... This affects if you are in the corporate world, this affects the photography profession more. And if you been a photographer and out of touch in the corporate world, you are past 35, nobody wants you back, you are on your own buddy. You can screw up in a regular job, get a new one. In photography, I have seen very highly paid guys fall and it takes quite a while, if it is possible at all. I guess you can do a name change if you are really desperate.
Some rope in their wife as well to do videography editing/express..... That = sole income + cannot go back to a regular job. Sole income = no backup. It is always good to have backup, in today's society and also looking into what....5 years, 10 years, 20 years, 30 years....nobody really knows.