New Goldmaker Advice

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.

Cheers,

Phat Lewts

If you like my blog follow me on twitter, @PhatLewtsGold!!

8 Days a Week

Today I'll be posting on the topic of Day 8 of Nev's Goldmaking Challenge.  Nev recently released a post with everyone currently participating in the 20 Days on her blog, and there are a lot of interesting responses from the community, so be sure to check them out!

Thinking back to day 2, did you ever reach your goal or are you still working towards it? If you reached it - have you set yourself a new one?


Well on day 2 I mentioned that I usually set weekly goals instead of overall goals, but the one that I'm really pushing for now that I've dropped 750k is 2 million.  Recently I've fine tuned my TSM to push out more crafted items to make more gold each week, and I'm liking the results so far.  There has been a lack of herbs on the AH for a price worth crafting at, so I'm still a bit behind on the glyphs, but otherwise I'm right where I want to be.

Secondary Goals
I've been making gold on a 2nd server on and off for the past few months, and it was on a DK that had max mining and herbalism to get some capital quick.  Since then I've just been dabbling in transmog and twink gear every time I remember to log the character, but I've decided to take it slightly more serious.  I'm currently in the middle of leveling professions on that alt, 2 with daily CDs, hopefully to make gold a little bit faster.  I like having the alt because it gives me an option of profit on my main realm by buying pets on one and selling on another.  My main server is really small so there are no 25 battle pets on the AH other than the ones that I sell, so it's nice.

Cheers,

Phat Lewts

If you like my blog follow me on twitter, @PhatLewtsGold!!
You can also subscribe to my livestream channel on twitch.tv to see when I'm streaming!

Goooooooaaaaaaaaaalls!!! (Day 2)

Today I'm continuing with Nev's WoW Goldmaking Challenge, to see all my posts for this, click here. Today we answer the question

"If you set yourself a goal, what was your goal & at what point did you set it?"

Admirable Goals
In general I don't set goals for the distant future ie. "gain 1 million gold by April 23rd".  For me that's too far out to concentrate on, and it means I can slack right now, assuming I can pick up the slack later (I'm a procrastinator).  So what I do is set weekly goals.  I try to make them realistic and base them on my play time (if I won't be able to play 2 days in a week, I set it lower than a week I can log in for at least an hour each day).  In general, and for this week for example my goal was 60k gold.  I knew it was the Faire and I'd probably make more than that, but I did not bet on Invincible's Reins coming up on the BMAH.  That being said I'm not going to take that into account as far as me achieving my goals.  If I still earned 60k this week after taking that into account, then I'll have met my goals.

In my opinion there are two types of goals that are the best for achieving gold making results, the first being the type I mentioned, and the second being a goal of time invested in gold making per day.  The more time you put into making gold in WoW, the more gold you'll make, and your gold per hour goes down for every hour per day you play, so a goal of 1 hour per day, or even a half hour per day is a reasonable goal for most people to make gold while enjoying the game and life.

Above all if you're going to set goals, set goals that are reasonable for you to obtain.  Don't go over the top. Push yourself, but don't be unreasonable.  Now the question is on you.  What kind of goals do you set for yourself, or what goals are you currently working on?

Cheers,

Phat Lewts

If you like my blog follow me on twitter, @PhatLewtsGold!!