Yesterday, I made a call to the College of Arms, London, to enquire about their current fees. As it happens I was put through to one of the Heralds who I think I may have met through the Territorial Army some years ago. As our conversation ranged on he admitted he had probably made GBP80,000 in total over the last ten years! They have to meet all their own office running costs and only get paid their “cut” of the fees once the design has been agreed. He inherited one client who has not finalised the design of his Arms after 20 odd years. Apparently there was one Herald so hard up financially that he lived in his room at the College for 25 years.
It would appear you either have to have a very modest lifestyle or a rich wife to survive as a Herald.