A Gold Goblin's guide to keeping tabs in World of Warcraft Gold Making.
So let's pretend you are getting ready to start investing.
You have reached your base amount for investment at 3000 gold.
You have 4000 gold in your bank. You should never set a budget for the exact amount of gold you have. When I am starting an investment with a low amount of gold in my account, I like to use the 75% method.
The 75% method, is a method of using 75% of your total amount of gold. This leaves you with plenty of gold to continue play, repair bills etc.
To make the math easier, I have chosen 4000 gold. This method can be used with any amount for example 1000g total, investment budget 750g. Pretty simple right?
So with a Budget of 3000 gold, we have invested in the herb market.
We have spent the total of 2972 gold of our 3000 gold budget.
The 2972 gold now becomes our margin. So we need to make over 2972 gold to make a profit.
Using some of the methods I will be discussing in future blogs, You sold, with the investment of 2972 gold, items that reached 14,342 gold.
Now we calculate the profit of your investment. Subtract 2972 gold from 14,342 gold, and you reach 11,370 gold.
11,370 is your profit.
Now vest that 11,370 gold with another 3000 gold budget for your next investment.
This venture leaves you with 8370 gold. You can now use the data from the previous take.
We are now reinvesting. Budgeted at 3000 gold, 2972 gold investment with a new profit margin of 11,370.
Our Profit Margin takes data from previous investments and sales, to more or less project what you think you are going to make on the next investment.
With the rise and fall of the market price of items, you will still be able to calculate a round about figure of what you will have when items are selling.
Do's and Don'ts
Never be afraid to break even. If you find yourself making little to no profit, trust me this will happen from time to time, do not worry.
Breaking even is something that just happens, it's not that you are doing wrong, just be glad you didn't take a hit.
If you do find yourself in a breaking even situation. It is very important that you walk away from that type of investment. Give it a few weeks and try again. If the market price seems to drop more and more, other people are catching on to what you are selling, and they are trying to get a piece of the pie. This, unfortunately is the way of the world. Of Warcraft.
Never go over budget.
This needs little explaining, but if you are budgeted at 3000 gold, do not break that budget, not even for a little amount. If you do accidentally go over, let's say for instance 3001 gold, you need to go and recalculate that into your initial investment tab.
Make Accurate Tabs
So many times, I run across friends who are following the steps in which I have told them. Their tabs are all wrong, they have side investments they never calculate into their tabs. They never actually know if they are making solid profit, or by how much if they do.
Keeping Tabs is not for the average player
The average player just wants quick tips on how to become rich in Warcraft. There aren't quick tips to becoming rich in. I could tell you to sell herbs all day, but this will not make you rich. If you do not use the proper etiquette and self discipline, you will spend faster than you receive.
Yes it is true, I make anywhere between 3500 gold to 10,000 gold a day on my main realm. I have investments of literally 100,000 to 200,000 gold tied up at any given time.
Being a Gold Goblin takes a lot of patience and nerve. You need to start slow to get where any current Gold Goblin is standing. You need to know the market, what is selling and what isn't, and you need to constantly KEEP TABS :) on every investment.
You also need to be aware that at any time. A booming market can fall, and your investment can go down the drain in a heartbeat. Be aware of future patches and future updates.
Write notes on what's in future updates. Write notes on future investments. Possibilities. Brainstorm.. It goes on and on.
Yes! Gold making is easy. Gold Capping, a little more difficult.
Thanks for the opportunity to share guys. Any questions, please post in the comment section below. Also Like and Share me!