First I want to tell you what brought on this post: I received my first check from Amazon in the mail yesterday!!! It was a great feeling, mixed with a bit of a let down, because to bank the check here in Australia it will cost me around $15 AUD, and that hurts, especially because the check is “only” $212.09 USD (The US Dollar and the Australian Dollar are very close in value at the moment).
You can also have a website promoting multiple CPA and affiliate offers whereas with Google AdSense you are limited to 3 ads. There are better options than AdSense with some people testing Ezoic, media.net, and a few others – there are actually many alternatives to AdWords. There are different types of CPA offers from sites like maxbounty.com, peerfly.com and you can use offervault.com among others to find more offers. Some payout per 1 page submit, some pay per sale, and some pay per call. It depends on the offer. If you are working direct with a company and bypassing the middle man you can get higher payouts and even negotiate a hybrid model where they pay you for the lead as well as a commission on the back-end.
This is a very common way to promote offers. For example, you will often see a blog post with links to certain products or services. If the reader clicks through and makes a purchase, the blog owner will make a commission. These in-text links blend in with other content on your site and are a great way of promoting an offer within your content, without being over-the-top salesy with banners. 
If you’re asking, “how much do affiliate marketers make” – well, Michelle Schroeder-Gardner makes over $50,000 / month from affiliate marketing. She is her own boss, and lives the dream life (on the road) with her hubby. She’s recently released a course on affiliate marketing, right from the what-it-is to the how-to-do-it (legally) – and the results her students (like me) have seen so far have been incredible.

Always disclose your affiliate relationship. Most visitors will probably understand that graphic ad will lead to your getting paid, but if you write a review or use an in-text link as a recommendation, you want your readers to know that may lead to compensation as well. This ensures you retain transparency and trust with your readers, but also, it's required by the FTC's endorsement rules.
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