Stages of Becoming a Wow Millionaire

Here are my stages to becoming a wow millionaire, hopefully you will be able to identify which stage you're at and then figure out how to move on to the next one until you reach a million wow gold.

Stage 1: Vendor Discipline
Vendoring items suddenly is restricted to grays and all whites or greater get sold on the auction house. You find that you have enough money to pay for repairs while leveling and get your mount, skills, etc.

Stage 2: Bidding on the Auction House
You discover that selling the items you farm is not the only way to make gold on the auction house. By bidding on trade goods, especially old world mats which often lie under the radar of more experienced auctioneers, you find great deals and an awesome supplemental income to your leveling or farming endeavors.

Stage 3: You find farming spots that make the most gold
You wouldn't think of this normally as a stage to getting good at the auction house, but it actually is! You have to search the auction house for the items that sell the best and then where to farm them, or you work backwards and find farming spots then look up how much they are worth. You also have to figure out the demand for the items farmed and several other factors.

Stage 4: Buying low and Selling Normal
You have auctioneer and you understand the basics of scanning, buying low, and selling normal. At this stage you start to take risks and move away from the comfort zone you created by farming and selling goods at the lowest possible price for quick cash.

Stage 5: Competition
You learn how to deal with your competition on the auction house, more specifically, you learn how little the competition should influence your markets. This stage is where most people get stuck, and they allow competition to determine their prices, thus limiting their sales and wasting a lot of time.

Stage 6: Market Focus
You start to focus on markets that really give the most bang for your buck, and you eventually develop a system of scanning, snatching, distributing to crafters, crafting, then selling.

Stage 7: Farmers
You find that just running snatch scans, even multiple times a day, does not provide you with enough materials to satisfy the hungry auction house's demand for goods. By recruiting farmers, whether professional or just random acquaintances, you are able to finally get access to thousands of gold worth of materials each day.

Stage 8: Millionaire
You combine the lessons learned with even new and craftier ones which allow you to become a powerhouse seller who processes thousands of gold a day in the shortest amount of time possible. You are an expert auctioneer not because you spend hours of time, but because you found the fastest ways to make the most gold with the least cost to yourself.

What stage are you at?

21 comments: on "Stages of Becoming a Wow Millionaire"

  1. At what stage should one start automation? I feel it should be as early as stage 1 or 2, so that would put me there: I have no addons whatsoever

  2. Stage 2 for sure. Got up to lev 72 and will be moving on very soon to farming spots.

  3. I'm a freakish mix of all of the above.

    Pretty new to WoW, highest lvl character is lvl 76 atm. Just working on building up some capital. Didn't start focusing on gold until lvl 40 something. At about 10k right now. Really trying to get a feel for different markets right now.

    One thing holding me back is the lack of infrastructure. The richest players are able to process things through all sorts of different crafting professions. I have a dedicated crafter with every profession and a couple suppliers with far more supplies available than I could even deal with/afford atm.

  4. When you say your competition should not decide of your price : even for inscription?

    I find that my glyphs don't sell if I don't check the AH for cancel/post every hour or so (even the popular/rare ones).

  5. I'd say I'm at stage 6, I haven't found any farmers willing to trade with me for the specific good I'm looking for.

  6. I have over 70k gold, 3 80lvls, 1 45 lvl...I am no where near a millionaire or thinking about it.
    I would say I am in the I got to get my blacksmith/inscription character leveled to 450.
    I am still in the crafted stage.
    Farmers for me are unreliable or try to change the agreed upon price asap.

  7. 7.5 :P. At 940k atm so should hit 1 million within 10 days I hope, alot of IRL stuff happening though so it drags down the profit per day

  8. I'm a mixture of stages 5-7.

    I'm still having trouble with the competition part yet I'm slowly picking up new market niches every week that turn easy profit. I also have several farmers that I buy from weekly and one that I buy 5k-10k worth of mats from nearly daily.

    Started with 5k a month ago, I did a survey of my networth last night, around 25k gold and 70k worth of items across my alts and 2 guilds.

  9. Got every stage cover except stage 3. Waste of time unless you haven't succeded in the other stages. Once you have money pouring in no reason to suffer the farming route unless you need starter gold.

  10. I am probably at Stage 6-7, found myself a very active farmer who sells me what i need, have 5 maxed out professions that generate me gold, I've skipped stage 3 entirely as I do not farm EVER.

  11. I have stoped at stage 7 (and with WOW aswell)

    I was spending 2-3 hours a day running my "business". But then I realized that i was literally wasting my time. After all what can i do with 300k gold ? I thought for a second to start selling gold, but after simple calculations i came to conclusion that i would earn/and have less stress as a dishwasher then doing it.

  12. Still stage 5 here :(
    It's easy to just go with the flow and keep undercutting while still making profit, granted less then what you could make.

    It's just that setting your price and sticking to it equals auction expired items. Maybe i don't trust my market knowledge enough =(

  13. Definitely one of the later brackets. I never farm (or never intentionally do so) so about 99% of all my income and costs go into the AH. Flipping the occasional item, scanning for farmer mat dumps, and targeting new markets.

    Great point about sellers. I never hesitate to post my items at my own set price, despite competition. In fact, in many occasions I have directly influenced the price of an item on the AH because I am the most frequent supplier/seller.

    Although I run a pretty streamlined business, it is a small operation with no more than a dozen different items sold at a time, usually posting between 30 and 100 auctions at a time. And of course, there are ebb and flows of profit.

  14. I am at stage 6, as well. I have been contacted a couple times by farmers, but the deals either died in negotiation, or the farmer never delivered anything. I would really like to get a few herb farmers, or ink sellers on my friends list.

    I am almost at 40k now, thanks to glyphs and netherweave bags.

  15. I broke a million raw gold back in probably June-July of this year, lately I have just been crashing markets and giving everyone on my server a hard time.

  16. I'm at stage 4 I think. Although for my non -I sell things I just crafted - bank alt I do buy low and sell for the maximum price. For some reason I can mix it up well, certain mostly vanilla mats I try to buy as low as possible and sell as high as possible.
    Like Felweed, the normal price is 15-20g per stack, but I know people buy for 30-35g too, when the price drops to 10g I will buy it and resell slowly at 30-35g per stack, not trying to make a monopoly, unless it's a great deal I only buy when I am out of stock. This method still makes me around 500g a day.

  17. I am definitly looking for farmers, but having no real luck. I have seen a few posts on it but nothing practical. I have a 6 tab vanity guild, I am considering inviting people to the guild as gatherers and then buying from them, as they put stuff in the bank or COD me. I just dont seem to have the nak for forming loose aliances.

  18. Stage 6 here.
    I know that it is very unfashionable to do your own farming, but I actually enjoy flying a couple of circuits around Icecrown and picking up enough Saronite, Titanium and Eternals to keep my main money spinners of rare, epic and meta gems and Eternal Belt Buckles ticking over nicely.

    Only been at it for a few weeks now and up to 33k already, mainly thanks to the tips picked up on this fine site.

    ~McRaffles

    http://warcraftcasuals.blogspot.com/

  19. I have all of my crafting and gathering professions max'd, but still have difficulty dealing with competition - or maybe more accurately dealing with myself.
    Another difficulty is time and for the most part I do not utilize all of my professions at once. I do concentrate on the big 4 - Jc, Inscr, Alch, Ench, but it is hard for me to totally focus on more than 3 at a time.

    I will get there (or not) eventually and your sites have been a Big help. Thank you.

  20. stage 3 QQ

  21. It wasnt until WOTLK I started being interested in making gold. Before that is was just pvp, pvp, pvp!

    I have to step up to stage 5. I think whats stopping me is myself. Im too lazy and too cheap/greedy!
    I only have two level 80s, my priest main that I play 99% of the time that has enchanting and herbalism(needed for Insane title and getting ready for Cataclysm - wouldnt have a gathering profession on main otherwise and had engineering before which I easily could drop), and my paladin with mining+jc.

    Ive just "completed" leveling a death knight to level 68 for max inscription+alchemy, and my plan is to level a character of each class for the fun and also to have all professions at max! My plan is to have three alchemists for all masteries and the possibility to change them if one is more profitable in Cataclysm.
    Feels like a nice project that will take a lot of time and keep me busy(have around 300 days played on main anyway).

    The thing is that professions(or rather any items) with high deposits and fees scares me. I know its 5% of vendor value for all items, but still. I dont like losing gold due to an item not selling, and even if it sells I see that bloody -x gold in the mail :p
    This is the reason I dont like jewelcrafting. I have many epic recipies on my main but I just cant be arsed using this profession. Ive tried the markets for the lower gems too, but they dont sell either. Ive tried undercutting with big numbers too, but no... I still keep focusing on professions with low or no fees(enchanting, alchemy and inscription <3).

    What Ive noticed however is that I become more brave the more professions I get to max level, but at the same time I have to spend more time using them all.

    I hope I will encourage myself to reach the other stages soon. I have 30k atm, and would have a lot more if it wasnt for the fact that Im using most of the gold Im making on the Insane title. I have the mammoth and the bike already tho, and they were the first goals I had when I started making money.

    Blogs like this one and greedygoblin helps a lot to get the general "money-making-mindset", if you know what I mean - so thanks!

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