32 ( +1 | -1 ) The sky is the limitIt all depends on results. It is reported that in his second match with Boris Spassky, Bobby Fischer got over $3,500,000. So I imagine a fighting GM would make enough money so that financial matters would never again be a problem, but they earn every cent of what they make.
19 ( +1 | -1 ) Gm'sThese days, unless you get into the elite group of GM's you're not going to earn much. Thats why Teaching, Coaching, writing and reporting becomes a primary source of income for a average GM.
43 ( +1 | -1 ) I have read that if you aren't a GM by age 18, then you shouldn't really bother trying. On the other hand, that doesn't mean you can't make a living with Chess. Currently, I teach two classes a week to elementary school students and also do office work for academicchess.com. If you are patient, fun and positive you can also give private lessons (you don't have to be an IM to teach chess to a 7 year old, and it might even be better if you aren't).