Learn the basics about IM in general first, about regular SEO, and the reasons behind the methods. All those threads and member downloads called "good for newbies" are your friend at this point, so dig in. Some techniques can be called BH SEO, while others are BH without even relying on SEO---decide whether you want your IM to be mainly reliant on ranking a website, or if you want to get good web traffic by other means.
In terms of making money, don't get lost in the trees of this "x-a-day" concept or another. Step back and notice that the forest is mainly 1) freelancing, 2) offline web consulting/design, 3) creating niche sites, or 4) miscellaneous money tactics that may not rely on 1-3.