Hey, it pays to own your own domain. No doubt that you have to buy the domain name and also pay for the web hosting but advertisers prefer to advertise in paid blogs compared to free blogs like this one.
I just started another blog with my own domain at Sketches of Life. It is barely 2 months old and I just received 5 assignments, $5 each for that blog from BlogToProfit. Another $5 , it is enough to compensate the amount I paid for my domain name!
Gonna start blogging for money now...Adios! :D