Michael is a podcaster and wants to know how to make money with it. Podcasters can't charge through iTunes, so he wants to know how to go about making a living with it. Leo says that few podcasters actually can make a living off of it. In fact, for the first two years, he tried to make it without advertising, and now takes advertising. The important part is to build a community. Don't worry about making a living at the start, just build an audience.
He could do the PBS model and put up a "tip jar" on his site and mention it on the podcast. Leo says that only about 2% will donate, though. That's been his experience, and even PBS doesn't get more than 4% donations. People will pay for things that will make them money or train them. They seldom will pay for something that they consider to be "fun."
Once he has an audience with numbers that advertisers will want to pay for, then he can go out and sell ads.