How to Start Making Gold
How To Start Making Gold is a guide for anyone that wants to start making gold or already is making gold. In this guide, I will explain to you all kinds of gold making and all the good & bad things about these types of gold making. Here are the topics will I will explain to you
In gold making, there are a lot of terms being thrown around. It would be wise to check this if you come across an unknown term. Some terms already have a link to the page.
What Types of Gold Making Are There?
There are a couple of ways to make gold. You can pick one, combine, or take a more advanced approach to these types of gold making.
Here are the types of gold making;
- Raw Gold Farming Killing mobs for a certain time to generate liquid gold and items that you can sell to the vendor.
- Farming Materials Farming ore or herbs and killing mobs for materials, items, or gear/transmog. Everything you farm can be sold at the auction house or used for crafting.
- Crafting With crafting you create a new item that has a higher value than the materials themselves combined. This can be done with professions.
“Time is money”
The first three types of gold making ‘raw farming, material, and crafting’ can be combined to make gold, your farm, get raw gold, materials, and use them for crafting. ‘Farming materials and crafting’ I call an indirect service. It’s a service that comes with these types of gold making. It will cost time to do them so don’t forget to calculate that in your prices because farming isn’t free. Time is money and just like in real life you don’t work for free.
- Flipping Buying low and selling higher.
- Services Here you will be selling a direct service to another player, which can be a level (boosting), gear, and achievement runs. The boosts you can sell by yourself, but when it comes to gear or achievements you will need a team. Guilds organize these kinds of services for multiple players and a time to min-max their time and gold income.
Where do I start?
Making gold is not always that easy to get into. Some types of gold making are easier to start with first.
Farming Raw Gold, Materials, and Items Farming is pretty easy to get into. You need a max level character, a few handy addons like GatherMate2 for gathering ores, herbs, and other hidden items. Do a bit of research on farm spots and some tips & tricks like speed Druids. Als check your auction house and see what’s low on stock and has a decent value to farm.
Crafting To craft you gonna need two or more professions to start with and a high enough profession skill to be able to craft decent items. The best is to craft from old and current content to have diversity. The same rule here, check what sells and is valuable enough to craft on your realm. For crafting, I recommend the addon TradeSkillMaster to calculate the profit and to buy materials to craft with (unless you farm them yourself).
Flipping For flipping you will need four things, knowledge, experience, the TradeSkillMaster addon, and a decent amount of gold (40.000+ gold). For making gold with flipping, knowledge is a very important source. What to buy, when to buy, resetting prices, when to sell, how much to sell, how much to post, and what price. This is literally min-maxing at it’s best. What I also highly recommend is to look up websites like The Undermine Journal to find deals and the best moments to sell them. You can get loads of data from those kinds of websites and that will help you with flipping a lot.
Services When it comes to selling boost, you will need the know-how, the gear, and the patience to do this. The only way you will be able to sell these kinds of services is by advertising the trade chat and the Discords that allow it. When it comes to selling runs for gear and achievements you need to be in a guild or community that organizes these kinds of runs.
For any kind of gold making, I recommend you to watch/follow/chat with other gold makers and ask them questions. That’s why they make guides about gold making.
Pros and Cons
All these types of gold making have their good sides and bad sides.
Farming Raw Gold, Materials, and Items;
- Cheap and doesn’t cost gold to farm, however, it does cost time and you should evaluate that into the gold price.
- No risk of losing gold
- It costs a lot of time
- Not always that rewarding
- There is a maximum you can gather. You can expand that by multi-boxing, but also that has its limits
- Valuable items have a lower drop chance, so you need to be lucky.
- Adding more items to the auction house isn’t always a good thing. The more items the longer it takes to sell and the bigger the chance is that prices will drop because of the waiting.
- Create more value out of the value of materials.
- Craft what is needed like consumables. Those are always needed.
- You can buy the materials and craft directly to sell for a profit. This costs less time and will let you do more crafting. Min maxing.
- Farming the mats will also work. It will create more value than you actually farmed, but it does cost more time.
- There is competition with other crafters
- Buying the materials can have a risk but that depends on the market, competition, time period of the expansion.
- Crafting has it’s limit depending if you can get the mats (for a good price)
- You need to invest time and gold to skill up crafting
- Not easy to expand after you got all the professions in your realm.
- The profits can be huge
- It costs minimum effort and time to make a profit, min-maxing at it’s best
- There is no limit on how many profit possibilities you can create
- No luck is needed to get the items can be sold with-profits
- It’s easy to expand to other realms to flip and spread your income
- You can diverse your gold making a lot and easy
- You can lose gold
- There is some competition you may have to compete with
- You need to have a decent capital to start with
- It can take some time to sell things depending on the time of the expansion, competition, the need for the item you’re selling.
- No risk
- Decent amount of gold, depending on what you are doing and how much time it will take
- You need patience
- Advertise a lot in trade chat or other kinds of mediums like Discord
- No easy to expand
Things to Keep in Mind
“Don’t calculate yourself rich”
Making gold should be fun, otherwise what is the point of doing it right? I can’t decide for you what you need to do, but give it all a try and some time. You don’t become a gold maker overnight or in most cases in 3 months. Also, think of what you want to achieve. Do you want to pay for your game time each month or do you want to buy those rare TCG mounts that cost millions?
But don’t calculate yourself rich. Like farming, high-value transmog won’t make you rich until you sell it. You need to farm and post a lot. That will cost time and gold. It’s like winning a lottery ticket to have a chance to win a prize. One piece of advice I can give you is don’t waste time.
What I always say: ‘It ain’t gold until it’s sold’ or in other words, don’t calculate yourself rich.