Below are two posts sharing similar ideas. Each author must have been thinking the same thing or got asked the same question! Take the time to read the whole article even though I only put a snippet up so as to not infringe on copy writes.
This is from: Alan Couzens
What it Takes Part II
Reality Check #1: There is very little difference in commitment between the top of the age-groups vs the Open Elite.
The guys who are racing Kona are doing so by getting top 10 at the most competitive Ironman distance races around the world. These folks are very serious competitors that make athletics a large part of their lives. Additionally, a surprising number of them are in a financial position to live a ‘pro triathlete’ lifestyle. In actuality, perhaps the only difference between the pros and the elite AGers is that maybe they started a little later than the pro athletes or had a period of their life that was career focused that caused them to miss their absolute window of opportunity in a physical sense. But make no mistake, these athletes aren’t holding back. They are 100% committed to reaching their potential in the sport.
Reality Check #2: It still takes a long time to get good.
Baker, Cote and Deakin (2005) studied the developmental patterns of expert, mid-pack and back of the pack Ironman athletes. They found that on average there were 12,000 hours of training behind a 9:30IM performance. Developmentally, these training hours must occur before age begins to negate performance improvements, i.e. by age 40-45. So, for an athlete who begins competing in Ironman triathlon at 25-30, they have about 15 years to accrue 12,000 hours of work. This equates to an average of 800hrs/year for 15 years!! For an athlete who goes in with some single sport experience, maybe they’ll get there in 10. For an athlete with endurance experience who commits to doing nothing but train, eat and sleep, maybe they’ll get there in 5 
. Most of us don’t have this option.
This is from Chuckie V
The Young Pro Triathlete’s Guide To Survival
1) Consider the sport a hobby until you can generate enough income through it, but treat your hobby dead serious.
2) Generate enough income else how, whether through mooching, coaching (hell, everyone else is doing it!), or by—God forbid—getting a REAL JOB.!!!
3) Solicit financial assistance, whether through sponsorship, mom and dad or your soon-to-be-ex-girlfriend. See #2 above. Make it worth their while and be sure to pay them back or the “ex” thing will be assured.
4) Keep your expenses low. Live in your car. No car? Live in a friend’s car! And eat in.
5) Enter only the races that pay. Stop cherry-picking at events that feed only your ego. See #11 below.
6) Race competitively. Don’t participate when you’re not going to be competitive.
7) Aim to gain experience, despite the two aforementioned recommendations.
Bond with other pro triathletes and create a union. Or continue fighting for scraps.
9) Train wisely. See #10 below. Improve your weaknesses, whether they’re in the sport, the wallet or in your head. By the way, they’re not limiters, they’re weaknesses.
10) Hire a competent coach, or, better yet, a SET of competent advisers. (Depending on your goals, I know of about half a dozen or so qualified individuals here in North America, though there may be one or two more; do your research.) If the mean$ aren’t there, strike a deal that’s beneficial to both parties. Two heads are better than one, especially when one of them isn’t yours. Find out who coaches those beating you and then find a better coach.