Monetization means you convert an asset into cash. Perhaps this asset is a share, or a skill in embroidering or maybe even old clothes that could be exchanged for cash.
For example…
Tamara has a great reputation in her hometown of planning weddings and events, all for free! She loves to and excels at organising parties, making phone calls, paying deposits, keeping track of what’s done and what’s left to go. This skill of hers was going unremunerated. So, her financial planner advised Tamara to head down the road of monetisation. This means, she now charges for her services and the only event planning service in her home town has been monetised.
