There are several factors to consider. Lot's of time webmasters are busy chasing SERPs and not optimizing their pages for converting the traffic they already get.
Thousands of garbage (ie. non targeted) visitors will give you very little money. Especially if the site is not optimized for a conversion.
So my advice would be to make sure your site content is relevant, unique, useful and SEO friendly. Then start to link build. Chances are if all that is on your site you'll get linked to naturally so all you need to do is help that momentum.
Back links are critical but ever since the google bomb days they are weighted differently. Quality Useful Content is still the most important.
It all starts with niche research. When I was a noob I got into a niche where the #1 SERP site had almost 1 million back links and tonnes of great original content. Needless to say I barely made enough to cover my domain name registration cost.
I bought a good used car with my next site. And a trip to Mexico with an other.
Keep at it and use common sense. Think in terms of, "Is this being useful or is it trying to game the system?"