I have worked as a freelance journalist and I was lucky enough to have some work on subjects that interested me, but that wasn’t enough to earn a living. The rest of the time you are chasing up subjects that might sell, wasting time on projects that come to nothing, desperately dashing off work for editors (“2,000 words by four o’clock yesterday”) and then trying to get the unprintables to pay you. I just about kept my head above water, but as a full time job, unless you can get into a staff job on a periodical covering an area of interest (and there are plenty of media studies graduates trying to do that) it is not really a way to make a living.
All this above, in spades and with buckets and bells on.
And, from what I gather - this in particular these days:
and there are plenty of media studies graduates trying to do that
I have worked freelance for getting on for 40 years, mostly abroad as a foreign correspondent. I did ok financially in the 90s, but with the age of the internet, and everyone expecting free news, it's been getting tougher and tougher. And pay rates have not only not risen, they've acually gone down in in many cases in nominal terms, let alone absolute terms.
Put simply, you won't be ordering a battered old Mercedes, and certainly not a new one, for quite a while purely from freelance journalism.
As my daughter said about 15 years ago considering her career choice: "One thing I know I don't want to go into is journalism. I see how hard you work, dad!"
To work in journalism without being a regular staffer, I think you need at least three legs, and I wouldn't advise studying journalism personally.
Far better to do almost anything else - agriculture, chemistry, medicine, engineering - anything that makes you more aware of another field than the average journo. And it helps to be fluent in another language, especially a major language like Chinese or Russian or Arabic. But that's a tough nut to crack from zero, even in the 'easy' languages like French or Spanish.
Of course, you need to be good at English - that includes even writing for tabloids (that's a special skill that I haven't got). But I don't know if it ultimately can be taught - some people have a feel for lively language - some don't. (I've been teaching a writing articles class for undergrads, almost all non-native English speakers in recent years - some will just never get out of cardboard writing. But I think it applies to native speakers too.)
I have tried writing novels, but I just cannot write dialogue. I can plot and write good descriptive or background narrative, but as soon as the characters open their mouths it goes downhill.
A friend of mine, a retired Reuters buro chief, reckons good journos don't do well as fiction writers because their brains must have a different ethos. A (genuinely good - not fake news) reporter has to keep his thoughts 'on the ground' ie fact based.
Fiction writing is something else. Maybe some can do both, I'm not sure I can. I've always tried to report accurately, without exaggeration, even as a kid (and a trainspotter - I'm sure everyone has their funny stories and adventures - and on the way we've all met people who've come up with tales that just don't sound quite accurate). The best stories are true ones for me, and you only have to be found out once making stuff up and your credibility is gone. What's more, there are plenty of true ones out there - no need to start using the imagination. At least, that's how I've always worked.
Anyway, good luck to the OP, but as
@Gloster wrote earlier - there are an awful lot of folks who fancy seeing their name under blockbuster articles - but I think and awful lot end up on the dark side, ie in PR or marketing when reality hits home regarding the financial returns.