The biggest advice I can give is to pick a small niche, set up a site and start experimenting. Make mistakes and learn from them. That’s the only way you are going to succeed. Of course, have realistic expectations. It took me more than 1-2 years to start making decent money. But the beauty of it is that once you make that first dollar, you know it works and at that point it just becomes a matter of scaling it up, working harder and smarter to scale up your business.
I loved reading your input on this topic. I have only been blogging for a short while now, less than a month, and haven’t actually launched my blog yet because I’m scared what I write about is just going to be stupid and unhelpful to the readers. I’m hoping to gain more confidence and knowledge through reading other blogs and continued work on mine! Thanks for this post/series of posts!
Considering that you have a finite amount of time, passive income should make up a large part of your work. If you're serious about generating any semblance of income online, then passive income should be one of your sole goals and ambitions. Why? Wouldn't you prefer to do the work one time and get paid repeatedly as opposed to relying on your time to generate that income? Invest the time at the front-end so that you can reap the benefits on the back-end. This means putting in a bit of sweat equity and not getting paid today. Rather, you'll get paid somewhere down the road. And you'll continue getting paid whether you keep building that passive income stream or you stop. 
You could also opt to use existing websites for making money. These include both active income and passive income methods. For example, you could sell some used items or invest in creating some digital designs that then can be sold on merchandise. Again, devote a sizable portion of your time to passive income so that you can slowly build up earnings that will arrive on autopilot without any extra added effort. 

Take it seriously. Yes, you’re applying for an online job. Yes, you can do the work in your underwear, but that doesn’t mean it’s not a “real job”. You must treat it as such or they aren’t going to treat you as a serious candidate. You aren’t the only one who wants to work in their underwear. In fact, the competition online is likely higher than it is in your local area.