I have a BA in English; seriously considering an MFA except - can't justify it. Because you're completely correct, what I want isn't going to pay the bills. I write poetry. The only way you're ever going to make any money in poetry is well after you done and got "famous." Airquotes because poetry famous isn't even author famous most of the time.

I graduated a few years ago actually - I have a good job in a completely different industry, banking. It's not fulfilling but it pays all of the bills. My compromise is that I write and blog and do everything poetry I can in my downtime.

The only way to "survive" doing poetry is to teach; the only way to teach is to go to grad school; after that I'd end up either teaching high school or slaving away to make barely above the poverty line as an adjunct professor at one (or maybe two or three) probably third-tier or community colleges while writing and publishing on the sideline. No thanks - for now. I'm toying with the idea of trying to find other jobs in writing but there aren't very many unified resources for stuff like that. Til then I just devote myself when and while I can.

Yes, the odds of success are really that slim. Just the odds of becoming an actually tenured college professor these days are really slim. In poetry? Phew, you can fuggedaboudit.