As it was mentioned before, monetization is possible but it also depends on how far you are planning to go with it. If you just want to make quick bucks and don?t care whether you provide valuable info to your readers and you are not very interested in creating a readership who will become your biggest fans and supporters, then it?s one story.
If you are for a quick fix, then using standard tactics like filling your blog with banners should work just fine (of course depending on the amount and quality of your traffic). If you are here for a long time and want to create something valuable, then you need to work on what you have to give to your readers.
As RealEcon has mentioned, providing free high-quality content to your readers and subscribers is a good start. People want to test what you can offer them before taking out their credit cards. If you want to build a valuable offer for others and earn while doing that, focus on content you provide, interact with your users, give things out for free and give first, before even thinking about taking anything.
After you have attracted at least a small group of like-minded people who really ?dig? you, you can throw in some commercial offers. CPA Affiliate programs, Amazon and others can be a good option. Selling e-books or other info products can bring you some passive income (but make sure that your offer is 10 times as good as your free content). Promotion of your affiliate products in your content is another option that a lot of bloggers use. These types of blog monetization take much longer and need A Lot of effort, but if you do it right, it can bring you much more than serving quick ads to your visitors.
There are many ways to monetize your blog. But before starting this process, you need to ask yourself two questions (and answer honestly):
Why do I do this?
and
What do I want to get out of this blog?
And then act accordingly. Good Luck!