'Yes, Mooh: 'real job', stress, burnout. I'm doing that now. I've had enough of it. This is why I ask the question. I want to know how not having a 'real job' can work in practice."

It can work in practice. For me it's because there is spousal support (she's basically my office manager), a good supportive arts interested accountant between us and Revenue Canada, frugal spending on business necessities (advertising, printing, vehicle), but the providers/services know us and we have great relationships with these folks. As much as possible (ie, over 90%), my income is paid in advance and held at our bank until the month of services (ie, lessons) being rendered. Keep regular hours, minimum rescheduling, get advice, stay current, always include theory in everything. Network, especially where it means prospective gigs, recording sessions, students, and community exposure.

Don't overlook trade of services for services. Lessons, for carpentry/plumbing/electrical or gear. Community concerts for ad space, or sales opportunities.

Do not work "under the table". Tax deductions, rebates, exemptions are worth the trouble of being honest, never mind peace of mind.

Pay forward. Bills can pile up if you let them sit. As much as possible, anticipate slow periods and get the big bills (loans, mortgage) paid ahead.

Save towards a financial cushion for sick time, vacation, and unexpected expenses. Save also for a gear fund.

Peace, Mooh.