I don't really think there is such a thing as the "literary life." There is simply just life. Literature happens to be a major part of my life. My writing also happens to be a part of my life (though, not as big a priority as I should make it), but I see it as something between a hobby, passion, and extra I choose my own hours part-time job. I would give up both literature and my writing for other parts of my life in a heartbeat.
Want to write? Then write. Want to publish? Then publish. Learn the markets. Send your stuff out. Prepare to get rejected, and maybe you'll also get published once in awhile too.
When I was selected to attend the
Clarion Science Fiction Writing Workshop one piece of advice
Nancy Kress gave us was not to have Tolstoy syndrome. Just because you can't write like Tolstoy or Faulkner or whoever doesn't mean you shouldn't be writing or that your work isn't good, that attitude can lead you to be too self-critical. I know this happens to a lot of young writers. The key is to find your voice, and your vision.