There was no such thing as a "record deal" in the old times either. You had to suffer until your popularity would pay for itself - and without the leverage of mass media, too.
There's a great book about Michelangelo by Irvin Stone that I'd wholeheartly recommend to anyone interested. It's not dry teaching material but his life told in the form of a novel: http://www.amazon.com/Agony-Ecstasy-Biographical-Novel-Miche...
Wasn't it more like "declared painting as unfit for him"? Michelangelo had a strong disdain for paintings and painters especially Leonardo Da Vinci and his friends.
My only source is [this biography](1). Not sure how accurate that is.
[1]: http://www.amazon.com/The-Agony-Ecstasy-Biographical-Michela...