I have heard this question several times from many webmasters and MMO enthusiasts often confused at the earning potential of YouTube. Earlier I have written an article on How to earn money from YouTube. This article explains the methods and steps required to kick start your YouTube monetization but it still seems that people are not quite convinced. Even though I do not earn 1000s of dollars from YouTube, I certainly can prove the fact that YouTube can be a possible option to make big money if you have video contents worth watching.
The key in building a successful YouTube channel depends on your ability to create unique and quality videos that either solves a problem or is capable of virally spreading across the internet. Once you have your account setup to add quality videos, start adding them. Do not wait to learn it all to start your YouTube channel, in the process of adding new videos and publicizing them, you will slowly learn more about the YouTube business model.
As and when the hits on your videos increase, you can sign up as a YouTube partner and enable monetization to of your videos. You may also link your Adsense account to your channel and add the payment to your already available Google Adsense Check.
Above is the screenshot of the earnings from my small YouTube channel on India Travel. Good luck with your YouTube journey and let me know your feedback!