I'm not sure a lot of these people have started over at this stage, they are probably using earlier saves where they already established themselves. I've been starting over since 1.06 and playing the beginning to get a feel for what it's like, so I know what you describe. Margins on trading are bad, tournament money is pretty bad, sure it can tide you over a bit, but not sustainable.
The beginning has a steeper upward curve now, and it's pretty apparent for anyone that starts a new game and doesn't leap directly into mercenary work. It's obviously quite doable if you follow the established road of what is being thrown at you, but if you try to sandbox at all and don't jump into inter-faction fighting, it will be a pretty tough road in the beginning.