Hi
You can profit from your free blog, but that depends on good content, keywords, and traffic. The more topics your blog has with keyword targeting, the more traffic you'll get.
When posting a topic, promote its link in Social Media and search engines, refer to your affiliate links in the subject when needed, do not let the reader feel that you only want to sell a product to get money, but give him the most benefit of the subject, so you will get his trust In your blog and may be he re visit it or click a link to buy some thing.
I've made some money, nothing that compensated me for the hours I put in and the expertise I had to acquire.
The Adwords/Adsense money generating machine is a cash cow. People are spending their last dollars for advertising that is very, very tricky to get a return on while millions of other shmucks (like me) are carrying the ads that allow Google to charge, never to make any real money.
Also AdSense revenue depends on you focusing on a hot niche that people have a reason to click through on, which means it can be a money maker today and not tomorrow,
Then there is the other drawback- here's an example:
I had a blogger website selling certain home theater/audio components, very expensive high end brands as an affiliate of some online retailers. The components were closeouts, and I focused on models that were marked down, discontinued and in stock in specific numbers.
I made money, and started appearing in Google search even above the national retailers for certain things.
Then Google locked me out of my blog and delisted it, with no real reason and no way to get it back.
I'm guessing the retailers weren't happy about my position in the search results. Other affiliate site owners can just visit your site and click to complain about you.
Out of business. And confirmation of the saying "if it seems too good to be true it probably is"
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