How can i motivate my team?

I'm not managing a team, but have worked with various team with different managers. All i can say you can't make everyone motivate there will be soneone who even if give extra money they will not appreciate it, don't spend time on them.

For most of team make sure to listen their concerns, appreciate hardwork and have positive conversation on how to work better.

There is no hard and fast rule for your question. You will learn this by yourself.

I happen to do this(not on purpose) and it seems to be working. I hired an over enthusiastic person who came in and started suggesting changes. I mellowed down the new joinee and asked the old folks to take care of important stuff. Apparently that seems to have struck a cord with them. As for the new joinee I made them understand that there are a lot of processes here learn them first, validate optimisations through experiments and then suggest. The new joinee also seems to have understood and overall the team morale is at an all time high. I guess having people from two extremes work together sometimes creates a balance.