It worked for me! BUT, there is an additional step after the original poster's #5 - you have to go back to your settings and turn your wifi back on, then go to the Sims game and you should be able to collect your Simoleons. If you don't do this, you won't be able to connect to the server because essentially you've turned your Internet access off.
When you do step #5 as the original poster says to do, you will get a message that you cannot connect to the server. That's when you close out of the game (do not delete the icon from your recently opened apps tray), go to your Settings and turn on your wifi. Then go back to the game and collect your Simoleons.
One thing this cheat doesn't do is speed up the construction of buildings. Plus I'm still looking for a good LP cheat. ;)