Money

Forum sponsorships would be one way, if you have something to offer. I assume that you can't place ads on a free forum host?
 
You could place ads... (like a 480x96, or smaller, banner slot.) But they can't be context ads like Adsense (or any equivalent sort of service). Well, that's not entirely true. Most free forum hosts will let you place your own ads if you pay for their ad removal. But it's generally not worth it to do that since adsense normally has such low returns (on smaller forums at least) that you'd be paying out much more than you'd be making. (And plus adsense doesn't pay out until you reach 100$...So it could be a while before you get your first actual payment.)

Though you need to have a fairly large forum with lots of activity and hits in order to make any amount of money with this. (Since if someone is going to be buying an ad slot, they're not going to want to pay 10$ for a spot for one week if you only get like 1,000 hits a month. )

I don't think it would be a good idea to place more than 1-2 ads though. Too many ads drives people off. (Well, provided they aren't just running adblockers full time. In which case they'd likely never even see them.)
 
It depends on the topic of your forum. If its gaming try to get a few sponsors related to gaming. If its about yoga or anything, search for sponsors related to the topic of your forum.
 
Depending on the topic and member base, you could ask for donations to the site for a real domain and hosting if that's what your aiming for.
 
Sell ad space, signature line space (for your own account); banner ads; Adsense; link shorteners such as Adfly; monetized videos, affiliate reviews, etc.
 
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