Few writers, and fewer poets, make a living only on what they write. As far as poets go, I have many friends who teach full-time, as I do myself. Another one is a full-time physician. Yet another manages the physical plant of a large university. Several others do not work full-time, but string various part-time jobs together.
Bernie Taupin answered an ad in a UK trade paper for a lyricist and ended up working with Elton John. In their early days Bernie wrote lyrics, mailed them to Elton, and had no input about the music. Obviously Elton knew what he was doing, since they both became rich. Later on Bernie started going to the studio.
https://en.wikipedia.org/wiki/List_of_songs_with_lyrics_by_Bernie_Taupin - Some list!
What an ideal life! He has brought enjoyment to millions of fans, even if they did not know who was writing. Even early on I remember Elton introducing Bernie at interviews and documentaries, which speaks well of the singer/composer.
Ah, to write one hit! Or maybe lyrics for a hit album or two....
Well done, Bernie!