Having your blog and regularly adding useful content to it enable you to quickly build a small authority level in your niche.
You most likely wont achieve total financial freedom with your own little blog, but you will be able to establish some authority in your niche; unless, of course, you compete with all those money making blogs.
Its actually much easier to get incoming links and establish some presence online with a blog (especially Wordpress) than if you build a large, static website.
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