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ALTTABME: How to make MONEY Part 1


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#1 Khalija

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Posted 07 October 2012 - 05:20 PM


Show Notes

General principals of making gold in game
  • opportunity cost - Figure out what your time is worth. Craft, farm, tp, or whatever at the highest yield (unless it isn't fun for you) - Stuff you found isn't “free” its worth market price. If you can sell the parts for more than the finished product you should, then buy the finished product.
  • keeping track of update notes for investments - Get in a market early and sell back to the people who come in later
  • use online resources for making your life easier - Check the links provided
  • how a global trading post is different from a server only trading post - More balanced trading post, easier to trust prices wont fluxuate tons. Less niche markets, takes more work to make gold just from the tp. Makes you play the game more and do the long term strategies for gold.
General principals of saving gold
  • use badges of honor, karma, gems, and skill points to buy stuff instead of gold - items for crafting, gear, weapons, even using the magic find to upgrade existing mats, epic weapons, gathering tools, salvage kits
  • getting mystic salvage kits to save gold and be more efficient at salvaging - one blue 252, green 700, yellow 1344 stack of salvage kits plus 3 mystic forge stones 10 for 450gems gets a stack of 250 mystic salvage kits. Total for 3 stacks 450gems 1g26s00c plus 6888 karma = 750 kits. That comes out to 16 copper each salvage. Normal blue kits are 12c green kits are 32c and yellow kits are 61c per salvage. 750 rare salvage kits will cost 4g60s80c and take up 30 bag/bank slots.
  • using the mystic forge instead of vendoring or salvaging - when you put in 4 same rarity items you get another item that is the same or better quality. You may not always be able to use it but you can then sell it. If you want to have a specific type of item (like greatsword) you have to but 4 of those same item types and rarity in. Most profitable when putting in lvl 74 or above rares because of the chance of an epic or legendary precursor.
  • buying bag slots or character slots with gems instead of 18 and 20 slot bags - Tristan's writeup on the website
  • buying from the TP overnight or on weekdays instead of weekends - use links like gw2spidy.com to see market trends
  • using karma to get trade mats instead of farming or paying gold on the TP - There are renown heart vendors that will sell cooking supplies, gear, gathering tools, even ore or wood for karma spaced all around the world. If you arent saving your karma use it like a second income instead of gold.
Crafting for profit or lack thereof
  • any profitable recipes? - Bloodsaw, and other recipes that are karma bought - Global economy makes it almost impossible to craft for profit right now
Farming
  • what type of things should you farm? armor/weapons, fine crafting materials, loot bags - high level and low level everything sells well now so farm there, middle levels are a bust.
  • resource gathering: ore, wood, food harvesting? What areas are better? - High and low areas again.
Playing the Trading Post
  • 5% listing fee and 10% sale fee - know it live it love it. Convert prices to copper then multiply by .85
  • how to buy or sell effectively - buy orders
  • should you undercut and by how much? - Undercut on single item sales like found gear, selling is first listed first sold, buying is last listed first sold.
  • vendor or trading post and how to determine which to sell on - give yourself at least a 20 or 25% leeway so you can relist it. Never sell for just above vendor price. Right click on item, then chose sell on tp, hover over item and it will tell you vendor price in the bottom corner. Eyeball the prices and decide.
  • buying mats and combining them to sell at a second level profit - logs to planks, mats to inscriptions, ore to ingot
Mystic forge and other gambles
  • How to determine if using the mystic forge is worth the gamble in the long run - It takes lots of experimentation, but If you have the gold to spend then you can get lucky. Like the lottery
  • what types of things can you make in the forge to earn gold - basic crafting mats, epic weapons, gear sets, food feasts
  • mystic salvage kits (especially when the mats are purchased with karma) - see above
  • salvaging, at what levels is it profitable or smarter to salvage vs sell items. also what kits should you use? - Low levels for copper and jute, high levels for gossamer, ecto, and orichalcum. Use crude on salvage items its the same chance at mats. Use mystic or master for yellows and any greens you want the sigil from. Only do level 74 or above rares for ectos.

We will most like do a part two of this to address things such as farming, the negatives of botting on the economy etc etc.

Links used in the podcast:

http://alttabme.com/...ey-part-1.1659/

#2 Lord_Demosthene

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Posted 07 October 2012 - 05:37 PM

Bloodily GOOD stuff! Keep it up guys!

#3 chinmi

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Posted 07 October 2012 - 05:47 PM

View PostKhalija, on 07 October 2012 - 05:20 PM, said:

  • using karma to get trade mats instead of farming or paying gold on the TP - There are renown heart vendors that will sell cooking supplies, gear, gathering tools, even ore or wood for karma spaced all around the world. If you arent saving your karma use it like a second income instead of gold.

Ore and wood can be bought with karma ? From which vendor ???

Edited by chinmi, 12 October 2012 - 02:29 PM.


#4 Dark

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Posted 07 October 2012 - 08:20 PM

good stuff! love these vids

#5 UmThatOneGuy

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Posted 07 October 2012 - 08:43 PM

Thanks for the kind words.  Don't forget we have part 2 coming up this monday at 5:15 eastern / 2:15 pacific at alttabme.com/live

#6 Silvercat18

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Posted 07 October 2012 - 10:47 PM

View Postchinmi, on 07 October 2012 - 05:47 PM, said:

Ore and wood can be bought with karma ? From which vendor ???

I`ll second this, especially as it was made so that karma items could not be salvaged. If any karma vendor does sell wood or ore, then they are about to become the most popular npcs on Tyria.

#7 Cowwie

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Posted 07 October 2012 - 11:11 PM

Quote

Convert prices to copper then multiply by .85

I just take the lazy route and guesstimate 10%(easypeasy) then half that value and add it to the 10% to get 15%

#8 UmThatOneGuy

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Posted 07 October 2012 - 11:20 PM

View Postchinmi, on 07 October 2012 - 05:47 PM, said:

Ore and wood can be bought with karma ? From which vendor ???

Just did a search and it looks like the ones I saw previously (probably in beta) had all the materials other than cooking mats removed.  No ore/wood/leather for karma anymore.

#9 Effigy

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Posted 08 October 2012 - 02:55 AM

Very nice advise even the suggstion to match lower seller instead of highest bidder can give you an immedicate boost to trading income, Very nice guild!

#10 tr1age

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Posted 08 October 2012 - 03:43 PM

View PostEffigy, on 08 October 2012 - 02:55 AM, said:

Very nice advise even the suggstion to match lower seller instead of highest bidder can give you an immedicate boost to trading income, Very nice guild!

Thank you. Did you know we just re-opened out applications as well?

http://alttabme.com/...r-the-guild.67/

#11 Effigy

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Posted 08 October 2012 - 06:00 PM

Arg, I should learn not to drink while posting. I meant to say "guide" rather than "guild," although I appreciate the invite. I'd probably take you up, except I'm commited to Crystal Desert for WvW. Thanks again for the guide.

#12 evilbob

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Posted 08 October 2012 - 07:33 PM

Thank you for the effort and taking time to make a guide.  As a suggestion, you may want to try to curb your total video time to make it more accessible.  It's nearly 2 hours long, and the summary took less than 2 minutes to read.  I'm sure there's a lot more in there than the summary, but until video is easily "skimmable" remember that less is usually more.

#13 Doctor Overlord

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Posted 10 October 2012 - 08:37 PM

Very extensive guide, characters of every level can likely find some helpful tips in it.  Thanks for post it!

#14 Chalky

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Posted 15 October 2012 - 08:16 AM

How to stop making money: tell people how you're doing it.

Remember this rule, folks :)
Do you need help or just want to chat about moderation?  Drop me a PM.

#15 Clockwise

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Posted 15 October 2012 - 10:55 AM

Nice guide,
lot of energy in it,

unfortunatly it's because of guys like you the few opportunities we have will disappear a day.

Can't tell you thanks.

Now my guide:

How to ruin your business: making it public.

#16 Portos

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Posted 15 October 2012 - 01:52 PM

Very good guide, thank you.
One small update I think is needed concerning the mystic salvage kit, which is only saving money once you are level 80 and even then... the actual cost of 1 kit are around 1 gold atm = 40c per salvage = 20c cheaper then the Master's kit per salvage, but more expensive then the other kits. The rarer materials you get, only are valuable if they come from good stuff you salvage, dropped +/- only when you are leveled up. The biggest bonus imho: it's handy to have 250 charges :)

#17 glountz

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Posted 15 October 2012 - 02:30 PM

Sadly, what is said won't make poor people rich.

In order to get rich :
Play 140 hours a week since the release, rush the end game items, hoard them, and play the tp selling 200+ golds legendary precursors you bought 10 gold a few weeks ago.
THAT is making you rich.

#18 UmThatOneGuy

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Posted 20 October 2012 - 01:08 PM

Well its a few weeks after the money podcast(s) and I am still making some gold off the loot bags, especially if I use some of the mats to turn into inscriptions and leather-working pieces like boot soles and coat panels.

The profits are still out there. Many items are not at their equilibrium point like mystic coins.  I mentioned them in one of the podcasts as a good long term investment and this is showing true.  I still believe they will keep going up for a while so I am still buying them and holding on to them right now.




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