"The Chemistry set colored potions; Blue - increases 3 of your sims moods. Lt green - reduces all of your sims needs. Red - Love potion. Orange - temporarily invisible. Yellow - personality inverted permanently. Purple - turns sim into monster. wears off. Dk green - evil clone. White - will only appear if sim is suffering from Guinea Pig sickness - it's the cure, so is having the picture of the Guinea pig hanging in the house." - Cat 

"If you are low on money buy a rocket launcher. Build a small 4x4 building in your yard and put it and a sim inside. Make the sim launch the rocket, then using move_objects on move the sim out of the room. Either do that or risk losing your sim. Carefully watch the rocket as it lands. The second you see the big yellow puff, go into buy mode and sell it. You will instantly get about $2,000!" - GuineaPig

"Have your sim buy art easels and have them paint a little on them, like they don't have to paint for long just paint until the board shows up, then have your sim make a potion and if it's purple then have your sim drink it (this will turn your sim into a monster) and it will paint the easels and u will get Money when u sell it. P.S. Make sure all the the sinks, showers, tvs, toilets, computers, and radios are deleted so the monster doesn't break it" - a friend

"This tip is for all of you out there that have chemistry sets in your sims houses and don't know what they'll do next. I, however, have done some research on the game and am willing to share to you my secrets. Here is a list of the color of the potion and what it does.

yellow----reverses the sims personality
green-----creates an evil clone
blue-------causes your sim to be totally refreshed
orange---makes your sim invisible
light green--yuck. makes your sim feel terrible

Well, that is all I have to offer. However, I will keep everyone posted on my latest breakthroughs." - Sim Scientist