Blogging as a sole source of income

Since I'm about to lose my current client out here in Boulder, Colorado, the question pops into my head as to whether blogging might become my sole source of income (or at least my primary source).

There are two issues:

1. What can I blog about that will attract a large enough audience?
2. What is my minimum level of income that will cover my basic living expenses?

An unfortunate aspect of my current financial situation is that I have to pay about $700 per month to cover back taxes. That would peg my minimum income at about $29,000. Given my diminished financial situation I might be able to have my back tax payments reduced, maybe to $350 per month, which would put my minimum income at about $24,000. Without the back taxes at all, my minimum income would be about $18,400.

So, the question becomes whether there is any realistic approach to blogging that I can take that would bring in an income of $25K to $30K? Anybody have any thoughts on this?

Sure, I could supplement my blogging income in some way, but I'm sure various unexpected expenses will likely eat up any supplement that I might come up with.

Currently, I make a very small amount of money each month from AdSense ads on my non-blog web sites (basically, the income covers my hosting expenses), but I make next to nothing from the ads on my blogs. I would need a strategy to make the change and change dramatically.

Hmmmm... plenty to think about.

-- Jack Krupansky