Is this possible to make money blogging with mylot

I don't know what you mean by "blogging with MyLot". MyLot have a page where you can apply to have your blog posts displayed. This is a service (and a privilege). You are not paid if your blog is accepted to be displayed in the Blog area. People who comment on your blog within MyLot are, however, paid according to the usual rules and methods of MyLot. As a blogger, you benefit from the extra traffic and exposure your blog receives. For more information, see the FAQs under "Blogs" and the 'blogs' tab at the top of the page.

Yes, it is possible to make money by blogging - but nope, not in myLot. Blogs sections in myLot aren't intended for earning, it's just for sharing :). But, well, you can "blogging" in discussion area, however. Many myLot members here are love to share about what happened in their life - kinda similar with blogging, right? :P Just make sure you have something to discuss, so Admin would not delete your discussion..