I found a really great article on "Online Journalism Review" about how to make money with your website. Here were a few choice points:
Content websites typically earn money through one of four ways:
To make $36,500 a year, you'd need to earn $100 a day on your site (plus whatever expenses you incur). Let's assume your site is attractive to advertisers and earns $10 in ad revenue for every thousand page views. That would mean you'd need to serve 10,000 page views a day to meet this target. (And more if your site earns less than $10 per thousand page views.)
Check out the entire article. Its a good read.