Easy Money Without Cheating (And train Alchemy quickly)
(Well, it depends if you count stealing from the Mages guild cheating.)
This works even at the very start of the game, provided you have some money to begin with.
First, get to Balmora. Join the Mage's guild (unless they let you teleport anyway - I never checked it). Teleport to Caldera, and go downstairs. Through the door, behind the man, is a spiral staircase. Climb it, and take the master set of alchemical apparatus. You COULD sell this, but I don't advise that.
Second, go back to Balmora. Buy Kwama Cuttle and some Scales - in equal proportions, and as much as you can afford and carry (Leaving about 10 gold for the teleporter.)
Third, go back to Caldera, and make your way to Ghorak Manor. On the second floor, there'll be a scamp called Creeper (for those who didn't know). Now, make all the potions you can with the ingredients you have. Then, sell them to Creeper. He has 5000 gold, and will pay full price (or up to 1% ABOVE the normal price). Everytime he runs out of gold, wait 24 hours and he'll have 5000 again.
So, sell all your water walking potions. You should have a higher alchemy skill and a decent profit by now, and, of course, this can be repeated as desired.
More tricks, tips and cheats for this game are right here - The Elder Scrolls III: Morrowind cheats
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