Gday
I prospected semi professionally for quite a few years, now just do it for a hobby, its a hard game and very few people survive on their finds alone, for a start things are quite different these days than they have been in the past, the main issue being its harder to find areas that have not been flogged already by every man and his dog, and you cant just wander and detect wherever you want to, there are many rules and regulations and you have to know your way around applying for permits and getting permission to detect legally if you want to do it the right way or you will have to spend most of your time looking over your shoulder.
The game is a gamble and comes with its highs and lows, if you are spending your time just trying to suck up bread and butter gold from flogged areas then you will get a bit of gold but your chances of a substantial find is very remote, you may even find enough to top up here and there but not enough to give you the nest egg you will need behind you for the tough times, if you spend your time on new ground patch hunting then it can be more lucrative if you walk on to a decent patch but you can also spend a lot of time with nothing found so you have to have some money behind you to survive between the finds.
There are several ways that will make it easier, one is if you have a pension coming in that will feed you and cover your basic expenses, or you have a part time job and then detect the rest of the time, or you have a good bit of cash behind you to keep you afloat in the lean times, but even with that you have to be able to top it up with finds otherwise it can run out quicker than you think, you will have to get used to living on the cheap by bush camping whenever you can and taking care of your gear yourself, any breakdown of your vehicle or detecting gear can leave you broke or without a means to get the gold you need.
Unless you are tin ass lucky (like some people I have known) you will have to put in long hours on the ground to get any gold at all, its not for the lazy that's for sure, and really not for the inexperienced either who would find it very difficult indeed, you also have to remember the elements as well, the heat ,the cold and wet, as there will be times when its impossible to detect due to one or the other, I have seen it rain for days on end when camped in the bush, so you cant move for fear of getting stuck and you cant detect either because the place is a mess, I have been out when its been in the high forties for days on end, you cant sleep, you cant stop yourself from drinking fluids, that makes you feel like crap, and once again its simply too hot to spend a lot of time detecting unless you do a night shift or just mornings and evenings, so basically apart from those times the other hours are wasted.
In short if you have to think in terms of being financially independent, self reliant, frugal, and being able to tough it out when everything turns to crap, all things standing its a good lifestyle for some and you can not deny that the freedom to do as you choose and live how you want is the icing on the cake, the further away from the crap of the cities and towns I am the better I feel and don't mind being on my own, some people don't like being on their own in the bush so finding a like minded partner is probably the way to go, its always good to have others about in case of injury or just for safety as there are dropkicks about as well.
cheers
stayyerAU