Yes, you can!
A lot of blogs actually make decent money if the following two conditions are present.
First, if they get a lot of traffic.
Top-notch blogs in certain niches that are not owned by publishing firms or multisite corporations make decent money publishing guest posts.
This is a great way to make extra cash because you get high-quality content that is responsive to the needs of your existing user community, plus you get cash.
And depending on how solid your brand is in your niche, you can command top dollar.
The second way people make money through guest posting is solely through SEO value.
So, even if your blog is otherwise forgettable, if the SEO metrics that you have managed to build up over the years are good enough, you can make decent cash just by basically selling links through guest posts.
Either way, it takes work to get into the position where you can command real money for guest posts.
You have to understand that a lot of this turns on your niche.
If you are in a relatively expensive niche like insurance or personal finance or accounting software, guest post links' value goes through the roof.