1. Start a blog in any profitable niche
2. Run paid adverts to get fast and quality traffic
3. Optimize for seo
4. Monetize the blog with your personal information products [eBooks, Videos etc]
5. Monetize the blog with Google Adsense
Well the option 2 its just a waste of money ,just a big waste of money .Me personaly i would go with option 3 as it doesnt have so much risk of losing money .I would run ads if i would build an email list
Option 3. but if you have money to spend, you could build up not just one website, but a few at the same time. it will surely be slower, but once you get into profitability, it will still be worth it.
The best thing about the option 3 is, it can become passive-like income after some time. you won't need to spend loads of time and resources once you get it up and running. gives you more freedom, perhaps then you can get started with other options. because you will have some money to support it. again it all depends on how much you are ready to spend and how knowledgeable and patient you are. The safest though would be option 3