Work on a payroll. Payroll photographers work on salary and retain no rights to their photographs. Publish collections of his or her work in books, or perform fine-art photography. Neither of these options generates much income unless you're Annie Liebovitz or team up with Madonna. Do speculative work.
Stock photography is almost always work done on spec.
Commercial represents the market for advertising and promotional material, while editorial focuses on books, magazines, and educational materials. The way to make money is to offer works that will appeal to many people. In so doing, a photographer can sell the same work over and over, leveraging the labor and materials that went into its creation. The need to appeal to lots of people may sometimes, but not always, result in Muzak-like work. Market his or her wares on the Web.