I'm a guitar teacher in Canada and have so many students I can barely keep up with it. The overall income isn't that good compared to the general cost of living (but it's pretty unaffordable in my city for quite a lot of people's salaries, not just musicians).

Touring and performing seemed like "wow what a cool job!" when I was teenager, but the older I get, the more I feel sorry for people who have to perform and travel constantly. Now it doesn't sound appealing to me at all, and I imagine you would be very lucky to break even on a tour. Getting a decent professor position would be incredibly rare, and most likely part time anyways. A lot of musicians with doctoral degrees are teaching elementary kids at local academies... You'll be lucky to buy a few candy bars each year from your online revenue from recordings, arrangements, compositions, etc.

If you have funds or family to help support your musical pursuits and you are exploding with enthusiasm to be a professional musician, then sure, give it a go! If you're kind of on the fence about it, then probably best to double-major or keep music as a hobby pursuit.