In USA, I would probably say, that it is not a practical approach to rely on the chess Prizes, as there are only a few big enough tourneys per year, and your winning money will, at the best, just cover up some tourneys, not all of them.
The travel expenses, the feeding, the hotels, and the playing fees will eat you alive, time by time.
And the tourneys are too short, so it will be a few sharing of the prize place every time, and the prize money will split...
In my first 7 years at America I plays more than 40 tourneys, and won the prize places more than a half time, and after that, I gave up the active playing awhile, as it is not a good business here, like that.
In Europe, it is really good possibility to expect some fun and cash for the fun, as you can just a travel all year around on the short distances, and every country run many tourneys, for your range.
So, if you are good at chess, you can do a good living out of that hobby, in the Europe.
PHOTO by Grigoriy Burtayev@ AWARDCHESS