From my blogging experience over the past few years, I learnt a lot from my mistakes. According to me, you should first build a high quality blogspot blog. Add some unique contents to it and use appropriate SEO. When your free blog starts to gain some adequate and stable organic traffic, then you should consider buying a domain name and appropriate hosting plans for it. Always select a short and easy to remember domain. And remember do not ever start a free blog at WordPress as they give very little space to the freebies. And its not like starting a .com website would guarantee you adequate wealth. I have seen some free blogs which outshines such .com websites. So, earning through blogging completely depends on how you write for your audience and what uniqueness your content provides as compared to the similar niche sites. Moreover, it would take certain time, maybe 2 months or 2 years or more to gain a stable organic traffic which completely depends on your content (both qualitative as well as quantitative). So, don't get disappointed by seeing such shallow traffic and very thin earnings. Just keep on writing good content and one day your blog will be at its utmost strength. Moreover, use a combination of Google ads, in-text ads and affiliate marketing to earn a good amount from your blog.