Going further deep into the paid posts and making money with them, I had told you about money in paid posts being the next best thing to do. Taking off from where I left that post:
Buying a domain: This, as everyone will tell is the most important step. But when you are making money with paid posts, I can tell you that this is not at all the most important step. You can always buy any domain for this purpose. but one thing you can do to make best money with this is to buy a domain with PR. Either you register a dropped domain with PR or else buy such domains from popular forums like Digitalpoint or Sitepoint.
Setup a Blog: WordPress and its 10 second install is the way to go.
Make Post/Content: This is where most people have trouble with. Most paid post services want you to have at least 30 posts and 3 months before you can get accepted. But one thing you can do is to buy a existing blog which has entries in it. You can easily buy blogs that were started by some ambitious bloggers and left in halfway.
Join Paid Posts: Here is a list of paid services which I compiled when I first started to make money with them.
Mint Money: Once you get accepted, it will be very easy to make money with these services. Just login once a day, make paid posts and earn money! According to my estimates, $250 a month is easy and $500+ is a possibility.
Also if you are a beginning blogger looking to make money, you might want to read how to make money with blogs in 10 Steps. Also Carl Pei has some more tips on making money with paid posts, the smarter way.