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Either way, you will work your tail off to get the attention of an agent, a publisher, work with their editor with their required changes, and marketing your baby once it drops. There's a long wait for any royalties.
Self-publishing is for a business minded writer, after the creativity comes all the necessary stops along the road--find editor (and pay), find printer with specials (including designing cover), decide on the number of books to print (the more the cheaper), after the book is printed, how much will it cost you to buy copies your copies (yes you will be come the consumer of your own goods). You need a great marketing plan (get quotes from adverters in advance of signing a print contract that fits your budget). And sell, sell, sell. Everything inccluded carries a cost, it's like buying a car, options cost.
Some printers are connected with distributors for a small extra charge but worth it, unless you plan to sell out of the trunk of your car. No car? Well, there's always the dreaded book signing at wherever you can. Spring to the end of summer are great times for fairs. Pay the cost of table space, hotel, air fare if out of town, food and A CAR.
My choice, self-publishing--I've done it twice. and it's faster. My main reason for not sending queries and waiting to be picked up by a publisher is time and my age. I can't afford a 2-3 year wait, from search, contract, drop. I'm 74 (in a few months) and would like to get as many books out of my head as possible.
I don't write to make money. I write because I love it.
P.S. belonging to writing groups helps--it's called networking.

Plus, thanks for the very realistic look at what you have to do in order to promote your books and the list of costs involved. As you said, 'Everything carries a cost.'
If a writer is going into this knowing that they will pay, in time and money, and that they must, must, must hire an editor if they want to put out a quality book, then I say go for it. But it's a long, hard road both ways.
I'm curious, if you'd decided to write in order to publish say even ten years ago, would you have tried the traditional route?

Yes, I tried the traditional route with my first book. I waited and waited and sent query after query and received rejection after rejection. I was a late bloomer and knew time was against me. Then I took part in a forum on a writers book site and listened to an author and journalist talk about self-publishing. At that time we were getting beat up, saying our work was inferior. When I asked what was inferior about SP work-- it was quality, grammar and confusing plot. I knew what I had to do. Get an editor to make my work shine. The second time was much better.
On the one hand it's a ton of work to get the word out that you even have a book, and on the other publishers don't just accept anyone and just getting a publisher to read your story seems way beyond difficult.
-Joe-