Even if you make $7 an hour, 5 hours of frame prep/painting + materials is going to cost you just as much (if not more) as a single color Powder coat and you will get:
a) a less durable finish by a HUGE margin
b) most likely, lower a quality finish since I am assuming you are not a professional painter
c) exposure to toxic fumes (unless you have a special facemask)
d) cleanup of overspray dust which if you paint in your garage will cover everything in fine powder that is a pain to get off
The only positives I can think of is that you can say you did it and that you have a wider choice of colors since you can get auto shops to mix any color under the rainbow for you, and custom color powder costs a lot.
Not worth it IMHO. Get it powder coated, you won't be sorry.