Monday, April 4, 2011

Gold Making Week One: My Accountant says I spend too much...

I spent some time today consulting with my Accountant in WoW.  He tells me I spend too much money.  But, I found deals all week I could not pass up...  I will explain after I share the numbers with you:

As you can see above,  I did indeed spend much more than I made this past week.  In fact, I operated at a net loss of 13, 051 gold.  Most people would panic at seeing that amount of loss in one week.  I do not for several reasons.  First of all, I admit that I did spend a lot of gold on items from the auction house.  There are several reasons for this, including replenishing stock to resell or craft for resale.  I am also stocking some items for future speculation at prices that I feel are a good level to invest in.  I spent gold mostly on trade goods that I can turn around to make a profit from through my professions.  Also, the Darkmoon Faire is this week and I wanted to make a few more decks to sell during this week.  

Secondly, I did speak in an earlier post that when starting out I did not have money to invest, but utilized my time.  Now I can utilize my money to invest by saving me time and generating profits for some time to come.  Imagine the amount of time it would have taken me to farm all the materials that I purchased through the auction house.  This could have easily taken me weeks to farm by myself.  In short, I traded my gold for time that would have been spent gathering materials to supply my gold making professions.

Although I spent gold the entire week gathering materials, I also started to produce items to sell.  As you can see above, I did make 8,008 gold in the last 2 days of the week.  I did this trough tailoring, enchanting, and jewelcrafting.

I will continue to spend gold on items that meet my threshold for purchasing, as long as the market makes it profitable to do so.  I do expect the next few weeks to produce more profit for me.  My goal is to turn this past week's spending of 21,000 gold into a long term profit of 2 to 3 times that amount.  Normal weekly cycles should help with some of this and the potential release of patch 4.1 soon should also produce some nice profits for me.

What have you been doing this past week to make gold?  More importantly do you know why you made gold or did not?

Thank you for stopping by to check in on me.

Time to hang out with the real Breja before his bedtime...

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