Get ready for the small bucks. Journalism graduates can expect to make somewhere around $30,000 a year. Not a lot if you live somewhere like San Francisco or New York City. If you take out $800 a month for rent to live in a large city (this is being VERY conservative), you have $1,700 a month to live on. Wait! Take out $7,000 for taxes each year if you claim yourself as dependent. It winds up at around $23,000 a year, or $1,900 a month. Hope you like eating noodles.
If you gain experience and work for a medium sized newspaper, you can make more in the $35,000 to $55,000 range. Journalists for large newspapers such as the New York Times can make somewhere between $1,500-$2,000 a week.
Long story short, those able and skilled enough can make money at being a journalist. Some people get lucky and some people work hard their entire lives to make ends meet. Journalism is like a game of Russian roulette, except the bullets have been replaced with small studio apartments.