Getting a high score on TopCoder does not get you any closer to landing a consulting client. Instead, you should contact people who have budget and business problems, and convince them that giving you money solves business problems. This will easily sail over $500 to $1k per month. (I don't know what I'd charge in your position, but I'd be opening with "more than you can even conceive of asking for." Wait until you get "NO WAY" from 5 people before you walk down rates. I predict the present economy is unable to count to five.)
This assumes that your level of Rails skill is sufficient to solve business problems, but out of the universe of all possible problems, many of them are tractable for the same level of skill as required to successfully complete the Rails Build A Blog In 15 Minutes tutorial.
This assumes that your level of Rails skill is sufficient to solve business problems, but out of the universe of all possible problems, many of them are tractable for the same level of skill as required to successfully complete the Rails Build A Blog In 15 Minutes tutorial.