Should I try to make money off of my dollars?

Well, it depends on the exchange rate at that point in time. Talk to your banker and definitely you'll get a better advice. Also, do well to study the exchange rate on the market and you can change it when the Dollar$ rate is lowest, with that the other currency you want it changed to will be higher and you won't suffer any losses. Good luck.

Good question!

This depends on how liquid are you.  Hopefully not more than 3 months salary, as there are opportunities elsewhere. 

If it is less than 3 months salary, best to keep it liquid as possible, and the amount wouldn't be able to be leveraged for large sums from marginal gains.  So follow on if it is more than 3 months salary, and only use the excess of the 3 months salary.

What we are assuming though are two parts:  inflation will wipe out some of the value, which you want to hold, and there are opportunity costs to keeping money purely liquid.

Based on that, yes invest the excess elsewhere.  As to focusing on other currencies than the US dollar, there is another thought to this.  Why focus on foreign currencies as the only investment instrument?  If it is a concern of keeping everything quite liquid still, then yes, go for another currency.  If it is looking for an investment opportunity, then please look at other investment instruments (stocks, bonds, futures, etc).

Best of luck 

The role of the U.S. Dollar as the worlds reserve currency kicked into gear this past week which accelerated the up trend of the US Dollar towards its initial forecast target of USD 90 as per the analysis of mid August 08 which was made against the overwhelming consensuses at the time that basically viewed an imminent collapse of n the US Dollar. Which despite the exceptionally strong rally to date that consensus more or less remains in tact today, where still the vast majority of views remain that the Dollar's rally as temporary in advance of a much greater and near imminent collapse.

Even though I do understand the arguments put forward for a dollar collapse i.e. of the huge debt mountain, unfunded liabilities in the tens of trillions, rampant money printing by the central bank, and the huge federal budget deficit. However there exists the failure to recognise the fact that the U.S. Dollar has come out of a 7 year Bear Market i.e. it is NOT an over-leveradged market looking to unwind, on the contrary deleveraging of the credit bubble looks set to continue to drive the U.S. Dollar higher not only for the duration of the credit freeze which appears to be starting to thaw, but also for the duration of the global recession.

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I would advise putting at least some of it into ETF's. Especially GLD and DBP which are gold bullion (GLD) and precious metals (DBP) gold, silver and platinum. This will protect your dollars against any drop in the dollar and the rise in foreign currencies without having to pick (gamble) any particular currency. You could also put some in oil companies or oil ETF's because as the dollar drops oil prices will rise because oil is priced in the dollar.

You don't say if your money is in a bank, money market, or a stock fund. Currency trading or betting on one or two currencies requires a lot of knowledge and time...I would not go that way myself.