Be very generous with your links to other bloggers, linking to and helping other people will often come back to reward you. Make contacts and friends with other bloggers in your niche and beyond.
With regards to monetizing there are many options. Adsense is probably most bloggers primary source but also check out affiliates, chitika, BlogAds, Link networks. Once established with PR and traffic you can sell links/adverts privately on forums like this. On a good day I’ve made $200 here just selling links here on a per post basis.
Blogging can take a lot of time and effort to make decent money and you’ll find many blogs never do.
You can make most of my blogging income providing a blogging service for a plethora of clients who don’t have time to do it themselves. You’d be surprised how many websites and companies need an average joe to go and find random stuff to write about. I have 13 clients who pay me $69.00 a month to post four times a week. It’s pretty easy money in my opinion. You just have to find the people who need someone to manage their blog and that is usally no easy task.
I’ve also started to make *some* money through Adsense on my own blog but it requires hard work.
I’ll have to agree 100% with dct on the linking advice. Bloggers like to be linked to and talked about. The chances are that if you link to them it will come back and benefit you in the long run.
You can make that much per day writing articles and posting them on my blogs. You just need to look further into possibilities. In other words. Find other ways to market your writing skills.