I have one more question if anyone knows. Is it allowed to monetize multiple blogs done through the same site? The blog I started recently was through blogger.com, and if I started, say, 10, can I monetize all of them? I know the workload would be huge, but I want to make some residual income that I actually notice.

Of course you can. Didn't you see in the blogger template, that you can easily integrate Adsense with just a few clicks? Go to the template layout and try to add something to the sidebars and you will see the function. It's set up to be easy and quick. Adsense will pay for banner views (CPM ads) and clicks (CPC ads). Other ad services that I use are: 

http://www.text-link-ads.com 
http://www.linkworth.com 
http://www.contextweb.com 
http://www.infolinks.com 

But your site has to qualify for those. You got to build up decent traffic first, before those sites will accept you. For now though, you can put up Adsense. It's all about content. Blogger has great SEO so you don't need to worry about that. 

There are pros and cons with using Blogger though. There are many online article about this. You can do some research to understand them. There are a few drawbacks to using platform blogging services. The host can pull your blog down at any time without warning, for example. You should back up all your blogs. There is a function in the admin panel that lets you do that easily. 

Overall, it's better to have your own domain name and hosting company. It looks more professional that way. 

You can look at my blog on Blogger for an example of how to lay out the ads and monetize the blog. I don't update my blog much though. 

http://intellectualexpat.blogspot.com