(below is a copy of a response I posted on a message board to the above frequently asked question)
Yes, it is possible. The problem is, its a lot of hard work and dedication. So if you are serious about it, and you put forth the effort, not only to write well, but to market yourself, then you should do fine. It won’t happen overnight though.
AC (Associated Content) is a wonderful way to make a little extra cash and also get some writing samples out there. I’ve made a couple of hundred dollars writing just the few articles I have there, and not only have been paid well, but with their new performance bonus program, you have the potential to make quite a bit more, if you market yoruself.
Another resource is Constant Content, which I don’t see mentioned enough. I think that is because it is such a long wait to get your articles picked up. You do have to write the article, either something you want to write about or something that someone has requested. You then submit it for approval, and once approved it sits on the site until someone picks it up. While I know that seems like a pain, I have made over $500 with them, during the few short months I used them. You set your own price for your articles, and yes, they do take a portion out of it, but if you take that into consideration, you will do fine.
Edited to add: I have sold every article (using two names) for at least $50, with the exception of a few that I allowed to be downloaded for only $2.00 each and they can be downloaded as many times as people want them. My name has to stay attached to those, if used. You can do the same thing. You can write an article or two, and offer them at a low amount. I typically do my smaller seasonal articles that way. Then you can write big, nice articles and list them for whatever amount you choose. Typically I price mine between $50-$100 and yes, they’ve sold. Also be sure to check the requested material too. You can get some great offers that way.
There are resources all over the web to find freelance writing jobs. Deb’s blog is an awesome way to go because it lists all types of writing jobs. In order to make the desired amount, your goal is to find someone who wants ongoing work, and develop a client relationship with them. This will ensure more work, better pay (sometimes) and a long term relationship.
I also recommend that you do extensive research into not only what you want to write about, but better writing. That helps a great deal in this business, when everyone and their mother thinks they are capable of making a true living out of being a freelance writer. It’s the freelancers who can prove themselves to be good writers that are the most successful.
I am no expert and this is only advice. Take it with a grain of salt, and do what you feel is best for your situation. Also remember, that while you are freelance writing, you can also do “blogging for money” things too. You can create your own blog, sell advertising, do pay per post, blogsvertise and several others. There is a forum on here for that as well. That is a great way to make a little extra cash. Don’t forget Google Ad Sense either – I’ve made a great deal of extra cash just from that, but it takes a bit to get there.
Don’t forget, you can also create your own clips. This gives you the ability to write a paragraph on something you are trying to land a freelance job on. Write it professionally and you might be able to turn that into an article for the very site you provide the clip to. 
Good luck!
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