I love music and editing, but I have no formal training in this area. I have used 'Audacity' to edit my music in the past. I know Audition is a nice piece of software and more complex than Audacity, but is there reason to learn how to use Audition if I am doing just fine with Audacity? Is there decent money to be made in this kind of editing and compilation, and if so what is the job market like?
Yes, there is money to be made, but before you can make money, you'll need to learn A LOT...For instance, the difference between editing and mixing, as it seems you're confusing the terms. The job market is not an easy one, especially for full-time work. But if you learn your craft, you can make some nice cash on the side.
In the meantime, stick to Audacity. Audition won't do much for you until you've mastered Audacity and find what is lacking. Audition is a great choice for radio production and home music production, but I don't really suggest it for those trying to make a living producing music. Most people prefer Pro Tools for that job...I personally prefer Nuendo. I've produced CDs for release on Audition and I can't imagine even attempting to do a commercial release on Audacity. But as I said, until you reach the limits of Audacity, Audition would be a waste of time and money.