I think it depends on what you want. I have friends who play music they hate, but they love the check. They play what they want in their free time.
I have other friends who will go without because the only want to play what they want to play. (can you say ramon noodles and late rent?) While some others I know work a steady 9to5 because they want the stability that a lot of careers in music do not have. Some great players I know just don't like to travel. Most of them gig localy and teach privately or at colleges. They want to be close to their families, home, pension, health benefits and steady check. Many of them also play what they want in their free time.
Other friends are record co/industry types who just love music. They either don't want to play or can't play for whatever reason.
None of these choices are better than the other and by no means are these the only choices. I was just giving a some examples that I have noticed over the years.
The best path is the one that makes you happiest.
If you are happy eating ramon noodles rather than filet mignon so you can play what you want, then good for you. After a year of ramon noodles and PB&J sandwiches, I realized that was not the life for me. I vowed never to have to go through that again, I like my steak too much and I did not like the rodents in my aptartment who were after my ramon. But that is just me..... I don't have that in me ......or any ramon for almost ten years! So I am willing to play music that I might not like completely, because it is that check that allows me to play what I like in on my own time, pay the rent and relieve my GAS. I am just very thankful that I get to play any style of music at all.
There is no set path in the biz. Unless you are going to be teaching, practicing music law, doing the books or some other technical specific job,not having a degree does not limit you as much as some other industries. Now I am by no means saying don't get a degree or that a degree is not worth it, but it might surprise you to know that two of my friends who are execs in the biz both have journalism degrees. One is VP at a major and he only has a two-year journalism degree from a community college here in NY. Another VP I knew at a major was Ivy-league. And yet another who is a president at a major used to be a club booker/promo guy! The music biz is funny that way.
Sadly, it is often who you know and not what you know. But people will remember you if you are professional and easy to work with. Getting along is the deal-breaker in many playing situations. I have seen great players passed over for ok players because the ok player was alot of fun to work with. If you are an jerk, it will get around. Negative energy, stories and rumors travel at light-speed in the music business.
Just think about your comfort/happiness level and where you would like be in relation to that. And don't be in a rush, take your time. There are alot of choices out there.
In the end, all you really have is the music.
Other posters: Treena(studio&gigging player) and Pacman(music in the military) would both have invaluable insight into your questions.
(Ok, Ok, rant/self-righteous lecture over) A little scattered, but I think I got my point across??
