Forum Moderators: skibum
:)
My personal opinion... The PPC ads will not give you the type of revenue to make a living with. It could certainly cover your operating expenses though. Roughly from my Google experience with similar traffic, I would say you could expect $200 per month.
But affiliate programs could certainly bring you in $200 many times over through the month. The trick is first marketing it properly, making sure you well ranked on the search engines (you appear to be from your post), lastly choosing the right affiliate programs that relate directly to your site's content, and or subject/product/s.
Do a Google search for affiliate programs. You will find sites right at the top that have listing in nearly every category, genre, and subject imaginable. Find the ones that would best relate to what brought the traffic to your website. A good way of finding out is by checking your server stats to see what they 'keyed' into the search engine, and use something along those line's.
Best of luck to you.
Some well-placed, targeted product placements should return you far more than Google AdWords would have returned anyway.
Chris' suggestions look wonderful. I was going to suggest some of the areas he suggested, but he covered the best ones.