To easily earn drift points, hold CIRCLE + X. While those buttons are held, swing your car left and right on the more straight parts of the track to keep the drift going. If you start losing too much speed, release CIRCLE and press X firmly to get some speed. Keep the car from the walls. Once you get your speed back, hold CIRCLE and complete your drifting.
Use the Nissan Silvia in "Manual Gear Transmission". Normally by default gear is third gear. When the challenge starts, accelerate. When you reach the cornering part, use the hand brake and shift to first gear.
To easily earn money, go to World Class League and spectate Air Trauma. Bet on Crystal, who's odds are 20:1. At the very beginning of the race, cheer(R1) for Crystal to give her a full nitrous bar. Boo(L1) any cars that are in front of her and have gained nitrous. Continue to do this until she has passed everyone.