I have 50k and I managed to get about 20k from smithing having starting off with about 1,000.
I bought all the things I needed to smith from both vendours in Whiterun. Then I smith the items and sell it back. Because you started off by buying the items from them they'll each have more money which means you can just about sell the items and take whatever money they have to start off with. About 1k each, every 2 days they restock so go back every 2 days (or just wait). Repeat for a little bit, levels your smithing really quickly and you make a tidy bit of money.
When your smithing is high enough go to Gloombound mine, it's full of ebony veins, construct ebony armour, when you upgrade that to epic it is worth about 1,500 each i think.
Remember to always leave a bit of your ingots/leather left over so you can upgrade the things you have just made. Obviously keep a set of the best armour for yourself.
You could enchant it but I view this as a lot of work for having to wait around to sell the items.
i wouldn't recommend just waiting around though as you fall into the realms of power levelling then which means your armour may be great but your combat skills will be useless compared to the level of enemies so go out and do quests whilst you're waiting for the restock.
The other 10k I have got from generally finding items. Gems are the best to find as they weight very little and when combined with gold ingots you can level your smithing at the same time.
The other 20k, well that came from the dark brotherhood, the last quest for them pays very well.
That 20k from smithing is only only what I have left though and I've probably made more but have bought 3 houses completely outfitted and payed off 12k in fines.
In total I've earned 128,000 over the course of the game and I'm only level 31.