Its possible but not optimal.
Bare in mind that aff programs can get pulled, Adsense account can get banned and your ads creatives can get ripped or traffic source dies out.
It is always better to build something that you can have control as much as possible. I have seen affiliates making full time income but I have never seen that actually make a lot of money substaintially for years.
If you check most of the powerhouse within our industry, most makes money from selling their own products, running ads/ CPA networks or selling gurus products.