There are a variety of options with which you can make money from your blog. The most preferred option seems to be using contextual ad programs.
If your blog enjoys a steady flow of traffic, then publishing contextual ads can be very profitable. Here are some of the contextual ad programs that many bloggers are currently using to generate revenue from their blogs:
Adsense: Probably the most popular and widely used program. There are people earning over $100.000 per year by using Google AdSense.
Text Link Ads (TLA) : You make money. Sales, invoicing, and customer service are all handled by TLA. You can receive payment via check or PayPal. Payments are sent to publishers the first of every month with a $25 minimum payout.
Chitika's eMiniMalls : Brings pay-per-click product promotion to life on the web. It provides visitors with relevant content and comparative shopping information without even leaving your site.
TextAds : TextAds seamlessly integrate into your UI. All ads can be keyword driven and template based. Prompt monthly payout.
BlogAds : Designed specifically for blogs, combining a sharp image with multi-linked text, the Blogads is specially designed to fit each blog's design.
Adbrite : You can customize ads to match your site, approve and reject ads for your site, supports variety of ad format and works alongside other ad programs.
Bidvertiser : Simply display the BidVertiser text ads on your website and let advertisers bid against each other.
WidgetBucks : There are three ways to make money from WidgetBucks. PPC or Pay-Per-Click ads, CPM or Cost-Per-Thousand Impressions and Referrals.
Azoogle Ads : Offers superior technology tracking with guaranteed highest payout. Quick and easy implementation so you can start generating revenue quickly.
DoubleClick : Google has acquired DoubleClick. The world's top marketers, publishers and agencies utilize DoubleClick's expertise in ad serving, rich media, video, search and affiliate marketing to help them make the most of the digital medium.
Tribal Fusion : Pays publishers 55% of all revenue they secure for your site.
Clicksor : Will pay webmasters up to 60% of the advertising revenue to place contextual ads on their Web sites or blogs.
Value Click : Offers ad serving solution solves these issues with the most advanced technology available.
Fastclick : Quality, control and a robust publisher platform make ValueClick Media a trusted partner to earn the most revenue from every form of online advertising.
Intelli Txt : Vibrant In-Text Advertising campaigns will increase your advertising revenue without adding more clutter, allowing you to expand advertising real estate with relevant in-text placements.
Kanoodle : Offers you a way to earn revenue for every visitor who comes to your site and searches for products and services. Our pay-per click network includes quality advertisements and generous commissions.
Pheedo : A world-class RSS ad server is compatible with leading feed management and blogging services, including Feedburner, MovableType, Typepad, Wordpress and Expression Engine.
It is up to to you to decide which one of these contextual ad programs you want to use. Go for multiple streams certainly, but you are advised to choose your programs wisely.