This is for Day 18 of Nev's 20 Days of Goldmaking. Interested in reading other's views on the topics? Nev made a post with all the participants here. Check it out, there's some really great posts! Todays topic:
What is the most important bit of advice you could give to a new gold maker? (not a game newbie though, just a newbie gold maker)
Control your Spending
This is probably the easiest concept in gold making, yet so few in WoW have really mastered it. When players on my server realize how much gold I have, they always ask why I don't buy some cool looking mount or tons of TCG items etc. I only buy things (generally) that will get me more gold, which is the best way to make gold. It's just like real life, you invest into profitable things, make good returns, and you gain gold. Don't waste a ton of gold gemming your LFR gear, when you only have a few thousand. Focus on a few markets, get into them, and learn them. The only true way you can master a method is by getting your hands dirty. Even if you only spend 15 minutes of your play time each day doing this, you will learn the markets, and make gold.
Professions are the Key
If you want to unlock true gold making potential, don't just try to flip things or sell the cloth you get from doing dungeons, get maxed professions on all the characters that you can. If you have characters that are 80-89, and won't be 90 any time soon, don't get them LW, BS, Enchanting, or Tailoring. Those 3 need a lot of SoH or reputations to fully maximize, get them on a main instead. The more professions you have, the more cooldowns you have, the more diversifying you can do, the more sales you will make, the more gold you will have. People are often hesitant when they don't see instant profits from their work. Don't expect a million gold by tomorrow if you're just starting out. Set goals and hit them.
If you like my blog follow me on twitter, @PhatLewtsGold!!