If you decide to make a living with chess, you have to sacrifice too many things from your social life. It requires huge amount of time to get that good, so you can earn some descent money and even then it's not 100% sure that you will succeed. The good thing is that some of the qualities you develop while playing and learning chess can be used in other disciplines which are well paid.
It can be addictive, particularly if you join a club and play tournaments. (No, I'm not counting Internet tournaments. For the most part those are just fun.)
It takes a lot of study time and thousands upon thousands of games before you really start to get a feel for it.
But you'll meet a lot of fascinating people from all walks of life and of all nationalities (there is NO typical chess player) and you'll have learned a game that can engage your mind for a lifetime.
Check out my chess blog. If you know anything about the game you'll enjoy it. (My user name is Dozy over there.) Dozy's Inferno.
Disadvantages of Playing Chess:
Sometimes Chess game takes time to
Need to pay more attention while
Chess is addictive game.
Only two person can play chess on a
single board at a time.
Required much more practice to master
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It seems to me that chess has no shortcomings, since it is an excellent game for development and in any age. Nowadays, many people have switched to playing chess online, but it is best to study at chess sets there you can always learn various strategies and combinations and clearly see the advantages over your opponent.