The past years have seen an increase in the number of people who are attempting to get into academic writing (whether freelance, or that scholarly stuff). The market has been so highly saturated the past years. Aside from that, it's been quite tough trying to find academic writing service providers who do not fully rip off their writers. A lot of them scrap of so much of the work.
I think this question also is dependent on other factors like where you live, are you supporting anyone else or just a single person, etc. If you live in, for instance, a third world or developing country; then, surely, it would suffice. This is especially if you earn in USD or Euros. You'll be fine. But if you're an individual who lives in an expensive country, then I doubt that you would be okay with what you're going to be earn from freelance academic writing. But also, to note, I have noticed that a lot of new writers are from developing or third world countries. This means getting a competitive pay is even harder because they bid lower prices than those ENL writers. So again, it depends. I guess if you're wildly and amazingly talented at writing, then maybe you could? It's difficult. But I guess it's doable. But I've never personally seen someone do it.
I think it boils down to this: If you plan to work freelance, be prepared to have lots of rejections. If you plan to work tightly academically writing (like in an educational institution), then be prepared to spend more money getting your first stunts published before you start actually making money off of it.