I was wondering what are the realistic expectations for a newbie starting out?
incl.
Time
Money Spent
Money Earned
Enjoyment factor
Anything else you deem relevant
Thanks
Depends 
I thought there would be a thread on this but I cant find it if there is
Here's a thread that will answer some of your questions:
How Much Money Can I Make From Affiliate Marketing, And How Long Will It Take?
The Follow-along Campaigns subforums can also give you a good idea of how some people did when starting out.
you should be first ready to lose money(a lot), work hard and be prepared to get through days where give up would be the best and only option available...
You need time, a lot of time...doing it aside daily job is tough and you need a lot of motivation.
I suggest to partnering with someone at your level to share the bad, the good and help eachothers to stay focused and motivated