Youtube has a threshold of 100$ before they will start giving you money. Payments are given through a program called Adsense. You will need to assosciate your youtube account with an adsense account to get paid. Usually will send you an invite to adsense once your video has generated enough views that you are making a few dollars a week. Even very successful videos usually do not get to that level for months (although, of course, there are always exceptions that explode in hours).
Once you have an adsense account, you can watch your money come in second by second in your "dashboard". I love checking my dashboard a few times a day to see how much money I've made so far.
If you don't make the 100$ threshold in any given month, that money will be rolled over to the next month. This rollover will continue until you get at least 100$ again. Adsense payments are given once a month.
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