Affiliate marketing is a popular Internet-based marketing tactic that's standard practice for monetizing sites. Google AdSense is the one to focus on when you are just starting out. More sites, especially blogs, use Google AdSense to monetize their sites than any other solution. And it can be lucrative. Google Adsense pays monthly or the month after you've made $100.
Jeremy Schoemaker who runs the money making blog, Shoemoney has the proof, on how much you can make using this technique. But before you quit your day, it's important to note that this sort of success is very rare. Nonetheless, if you create an online business or blog that attracts a following, Google Adsense needs to be part of your tool-kit.
Another great resource to learn more about Google AdSense is Google's Inside AdSense blog. In the meantime, take a look at the ads to the right of this post to see an example in action.
For an in-depth look at affiliate marketing, head over to Wikipedia.
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