Making Our Way has a great post on how people think they can start a personal finance blog and expect to make enough money out of it that they can quit their jobs!
Unless you getting 50,000 hits a day, thats not going to work out for you. And unless your a marketing expert, SEO guru and a great writer with interesting content, that really isn’t going to happen.
Instead you should try to make $200-$500/mo from it and consider that to be one of your multiple income streams. If you can develop a dozen income streams each paying you $500/month, you’ve set yourself up for financial freedom. It may not be enough to live luxuriously, but at least you won’t starve if you lose your job, or want to take a year off to pursue your passions.
Other examples of income streams can be paid off rental properties, stocks that pay a dividend, Canadian income funds (also oil & gas funds), actual oil & gas projects, equity stakes in a business, trust deeds backed by real estate, and micro loans(like prosper.com).
The more diversity you have, the safer your total income will be!