It sounds all beautiful in paper but real life is not like that.
How can you have a ¨much better life¨ when you are always in bankruptcy, when you do not have a social life, when you learned absolutely nothing in life aside of chess, when everybody considers you a weirdo, when you are always stressed? What kind of life is that?
And plus, it is impossible to absolutely love your profession every single day. Even the biggest chess fan will eventually get a bit tired or fed up of it.
So it is not like the passionate chess player will be happy all the time living in a wonderful fantasy world where real life priorities do not exist.
And last, money is not at all the most important thing in life, however I highly doubt that living in poverty is something cool.
If some young person has a passion for chess and pursues it, he or she will have a much better life living in the midst of an all-consuming interest than the millions of careerists who spend their lives doing something they find tedious just to get enough money to leave a substantial amount to their usually ungrateful heirs. Life is the sum total of what you do everyday, not how much money you make.