Where to start with monetizing a blog?

This isn't exactly related to reducing my debt, but I am sure a lot of readers (and I, for that matter!) would like to feel less confused about all the things one can do with their blog to make money. I would like to keep my blog useful to many, many readers, but yes I would also like it to help me reduce my debt in any way. There are so many different things you can do with your blog, it can easily become overwhelming as to what will give you the best results all around.

Should I put Google Adsense on my blog(s)?

Should I concentrate on putting all the little buttons on each entry like "Digg this" and Technorati and Del.i.cious (or however its spelled)? And how do I do this anyway??

Should I just worry about readers?

Should I join all the paid for blogging sites like Blogsvertise (which I did join cause it accepts newer blogs) and ReviewMe (like a reader suggested)?

Should I buy my own domains?

I will probably eventually do all of these things in time but I wish I knew how to prioritize what to do.

I am going to be doing some research on what experts have to say about this topic and follow up with an update on this subject. If you are reading this and you have your own suggestions, please comment so I can include them in my article with a credit to you. Thanks!