Today we have a guest post from a freelance author, Laraku of Skywall Horde. Intersted in being published at Goldgrub’s? Check out the information for Guest Posters.
Recent Conversation In Orgrimmar
[X] Can any1 give me 5 gold, lvl 14 just started this server?
[Me] lol, by lvl 14 I had over 300g
[K] no way
[Z] only if you got it from another character
[K] how is that possible?
[Me] :> making money 101 – 6 easy lessons, interested?
I am assuming you are starting on a server with no other resources.
Lesson 1: Gather
Get yourself started with Skinning and either Mining or Herbalism.
Skin, you are killing mobs anyway, dont leave gold laying on the ground.
Gather ore or herbs, it does not matter which, both are in constant demand.
Commit to gathering until at least level 80.
The other professions will not help your gold balance until you have a healthy bankroll and knowledge.
The Secondary professions, Cooking, First Aid and Fishing are good to get started asap.
They cost little to start and can be helpful to your leveling efforts.
Lesson 2: Make a bank alt
Create a new character, spend the 1/2 hour needed to quest up to level 5.
Then run to nearest city and park yourself between the mailbox and auction house.
The job of the bank alt is to receive everything your main character acquires and sell it on the Auction House.
Lesson 3: Maximize questing / leveling time
Sell all grey items. (Loot Filter add-on)
If you can wear it or eat it, keep it. Otherwise mail everything to the bank alt.
This way you only need to go to the city to train. And that only happens every 2 levels.
I recommend Postal add-on to help with handling your mail.
Lesson 4: Bags, Bags, Bags
The more bag space you have, the less often you need to visit a mailbox, which interrupts questing time.
Bags should be the #1 item on your shopping list.
Fill you bank alts bank slots with bags also.
So what if you can only afford a 6-slot bag to start.
That’s 6 more slots! Or put another way 120 herbs/ore/skins.
Keep an eye on the auction house for cheap bags. Snatch them when you can.
Lesson 5: AH seed money
Everything your bank alt owns/receives goes into the Auction House.
Sell your cloths too! Just a few silver will jump start your AH business.
At this point, just post everything, 48-hours, at whatever the current price is.
You are not maximizing profit at this point, you are acquiring working capital.
If you can, get Auctioneer add-on to help with posting auctions.
Lesson 6: Buy low – Sell high
Many if not most Wow players have little or no idea what items are worth.
So the auction house is full of deals if you only learn to seek them out.
Start with the trading goods, look at each category, what items are there a lot of?
What items are scarce? Can/did you gather those?
When I started, I only bought items with a price percentage under 30%. (Auctioneer again)
I never had trouble finding trade goods posted that low.
Then I would post the same item back at 80-120%.(the term is flipping an item)
That is correct, every Item sold for double or triple the purchase price!!!
Also, look for items with a very low Bid price. If it is under 1 gold, you might be able to
snatch it up and profit nicely.
Rinse and repeat, if you do this once a day (20-30 min) your bankroll will just keep growing.
There is a staggering amount of ‘gold making’ information available. Seek it out!
So much is available free: Gold Blogs, YouTube videos, Websites.