See, to me, all of those people are willing to trade their privacy for convenience

They are, in exchange for a free service.

And the fact that others are getting rich off of sifting through and collecting all of this data also is wrong in my opinion.

So how should social media companies make money?

To each his/her/their own, but I still think it’s sad how dependent people have become on social media.

Social media is an undisputed upgrade over what came before. Back in the day if you wanted to stay in contact with someone, the only methods of doing so opened floodgates for abusive pricks to make your life a living hell. If you wanted to have group discussions about a certain topic, your only real option was in person.