First off, read the whole post. I think a lot of people (not saying you do) skim these posts. We don't spend our time typing just because we like the sound of the keys clacking.
Ask yourself this question:
If I spend the next 20 years flying everything I can get my hands on, even if I never fly an 'airliner' will I look back and say "I had a successful career flying"?
From what I've seen, people don't get into flying for the money. Mostly because there isn't a lot of money in it.
Think about it (mind you these numbers are somewhat theoretical)
If you spend 5 years busting your ass building time, and spend (optimistically) $120K on training etc. Then get a job with a regional making $30K / year. So after 4 years you break even, but remember you don't take all that home with you. Let's say that things pick up and 4 years after that you get an upgrade to capt and then make lets say $40K / year. So that's 4 years in the red. So after 3 more years as a RJ capt assuming no raises (just because it makes the math easy) you're now $120K in the black.
Okay, so now you upgrade to an FO at a major. Let's say that's a $30K raise, so you're now making $70K / year. Which is good money, but look at how long it took you to get there.
And that assuming you get on with a regional. I mean you might have to tow banners, instruct, etc. for significantly less money.
Now, look at something like IT. Pay for 4 years of college, which might cost you around $80K. You get out and get a job making $30/year. After 3 years, you're $10K in the black. After a couple of raises, promotions, and moves you're now up to $60K.
You see where this is going. In my example the pilot didn't even break even for 9 years AFTER completing his training and building time, and that with the assumption that you built your time while you did your training.
The real question is this. Let's say the IT guy hates his job. In fact he'd be willing to take a major paycut to do something that he loved. Now let's say the pilot loves flying, and can't imagine doing anything else, and would fly for free if he had to. Who's getting more out of life?
I'm not trying to discourage you at all. Just helping you to be realistic. Fly (or do anything) because you enjoy it. Not because you think you're going to make gobs of money.
In my case, I'm getting my PPL and then my IR, I've done the legwork to see that I could go farther if I choose to (i.e. first class medical), but I'm not sure if I will or not. I just gotta see what life deals to me. I've spent a ton of money on a hobby right now, but I'll never think I wasted my money. Mostly because my goal isn't to fly for a living. It's just to fly. That's what I enjoy doing.
I've recently soloed and have since taken a couple of solo flights. I can't describe to you the feeling of pride and satisfaction that I get from taking that plane up and bringing it back safely (okay, so I bounce every now and then, but I still get back safely). So, you ask, why would I even consider not flying for a living. Well, as other people have pointed out, the life of a pilot isn't glamourous. Long hours, low-pay, lots of political BS to put up with etc. It's not the joyous freedom that you experience drilling holes in the sky in a 172, but that's not to say there aren't rewards. Travel benefits, the satisfaction of knowing you delivered a couple hundred people to their destinations safely (even when they're not impressed), flying really cool equipment with really big engines, and eventually the pay.
So, have you wasted your money on your private? IMHO, no. Unless of course you'll never use it if you can't fly for a living. Are there no jobs out there? I don't know for sure. My guess is that there are jobs out there, but right now there aren't a lot of them, and they may actually depend on who you know.
So, don't fly because you think it would make a cool job. Fly because you love it (actually don't do anything because you think it would be a cool job...trust me on this.), Now is the time to train because there aren't many jobs out there right now. And if after looking at all the goods and bads you still are determined to fly for a living. Don't get discouraged, but also don't look for the quick and easy path...that leads to the Dark Side...opps...sorry wrong message board.
Good luck to you.
Naunga