Making an income out of blogging - is it possible still?

Does anyone here have experience of making a living from blogging ? i.e. hosting and writing your own website.

By blogging, I mean proper writing , not the "get rich quick" types of sites that try to sell you stuff.

I've been thinking about this having been recently made redundant.

If you did or still do this - do you mind sharing some lessons learnt? What sort of hours you put in? And if possible what approx. income you got and how many readers you got?

The potential sectors I am considering are the sorts of things I am already interested in - tech, mobile, money saving tips, fitness tech, health.

What I've read so far from an experienced tech blogger who has done this as a living for the past 10 years is it is still possible for a single person to live from blogging but it's not enough to support a family. In his case, his wife brings in an income too. By this I felt he was earning somewhere between $20-$40K per annum at a guess.

I also know of one other person who I went to college with, who I won't name, but is now a multi millionaire after starting out 15 years ago with essentially what was a very simple but genuinely informative money saving/news blog. He eventually sold out to a bigger company. He made most of his income from affiliates (ie links in his site to other people's site that paid him). The point here being I think he started out at a time when there was not a lot of competition and so built a following. Nowdays there is a lot of competition I know.

thanks.