Another way to accomplish this is a combination of Justus Thane's and mklement0's answers. It doesn't make sense to do it this way when you look at a one liner example, but when you're trying to mass-edit a file or a bunch of filenames it comes in pretty handy:
$test = ' One for the money '
$option = [System.StringSplitOptions]::RemoveEmptyEntries
$($test.split(' ',$option)).foreach{$_}
This will come out as:
One
for
the
money