Instructions
Make a backup of the game files before altering them.
Locate the "settings.txt" file. It is in C:\Users\[user name]\AppData\Roaming\runic games\torchlight\ directory. Find the line that says "console:0" and edit it to "console:1." Remember to save the file after editing it.
Run Torchlight. Press and hold the control, shift and ~ keys. This will bring up the cheat code console.
Type "Money [Amount]" into the console, with the amount of money you need in the amount field. Hitting "Enter" will activate the code.
Repeat as often as necessary.