It's Saturday again so that must mean it's time for another story from a reader. This week we have a tale of big money from Fallongnomes, Shadowmoon-US, showing us that smallish amounts of time spent regularly is a great way to keep those golds rolling in!
If you'd like to submit your own gold making Milestone Interview, instructions & more details are on my Milestone Interviews page. Any milestone is suitable - whether it be 100k or 10 million, we want to hear about YOUR story. Don't be shy! You've seen what others are sending in over the last couple of months so come on - tell us how you've been doing it! Don't make me persuade you too! lol
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What is your milestone amount?
Gold Cap - 1,000,000 gold
What got you started making gold and when?
At the end of The Burning Crusade, I wanted to have enough gold to quickly level professions for Wrath, so I started grinding dailies and doing a bit of AH work. I did the same in Wrath preparing for Cataclysm, but in Cataclysm, I discovered that I could make more with belt buckles and PvP gear. This June, I decided to try to finally put the effort in and make it to the gold cap.
Which markets have you concentrated on, if any?
I work in any market that has high volume and reasonable margins. Gems, enchants, inscription shoulder enchants, crafted PvP gear have been my biggest winners.
What were your biggest successes or biggest failures?
I don't do a lot of speculation, so I don't have a huge-win story. The decision to level alchemy and jewelcrafting to expand my markets paid off the most for me. I don’t have any big failure stories either, I usually move slowly into new markets and quit quickly if they don’t work out.
Do you farm materials?
No, except for my Tiller's farm. While I don't do dailies, I consider my farms and daily cooldowns (living steel, etc) to be my dailies. It really adds up, I estimate that I net about 2500g a day on just doing cooldowns and farm.
Professions?
Blacksmith/Engineer, Enchanting/Inscription, Alchemy/Herbalism & Alchemy/Jewelcrafting
When did you start a banker alt / Do you keep the same banker alt?
My bank alt's name is Fallongnomes (buy my stuff!). I made the original Fallongnomes on Dark Iron when I ran out of space to hold stuff. He is a tauren with one horn, the joke being he is unbalanced and will fall... on... gnomes. Through a few character transfers I have always named my bank alt that.
In terms of utility, unless I'm just selling a couple of things a day, I like to keep my bank separate so that I don't fill up my main's bag space.
Best market over the years?
Without a doubt, gems. They always sell and there are always decent margins.
Starting over - how?
Professions are super important to my strategy, so if I had to start from scratch with no level 90s, it would be super difficult. If I had my current set of professions, I would just use the Tillers and a bit of farming to pick up the first couple thousand gold, and then work from there.
Favorite niche market?
I don't do a lot of this, but I've seen a bit of success in flipping crafted BoE epics. Being aware of what you can get for something and snapping them up can make you a bit of money.
How much playtime devoted to gold making?
Day-to-day, about 20 minutes. I usually spend about an hour extra one day every weekend setting stuff up for the next week. When I expand markets, or add more alchemists, it takes a bit of extra time up front, of course.
What's your new goal, if any?
No big number anymore, going to cool down the grind and just try to stay positive cash flow. I've been mentoring a couple of others on my server, so I want to see them succeed.
Any advice for new goldmakers?
Don't try to go too deep too fast. Learn how you can make money. Have a routine. Making sure you hit every Living Steel cooldown, and post auctions daily is important. You can't make the big bucks in 2 hours every Saturday. Its 10 minutes every day with a plan that works.
Shout outs for any blogs, podcasts or streams that helped you along the way
I'm on reddit (/r/woweconomy) all the time, and discovered The Undermine Journal to be a bit useful. I figured out my strategy all on my own.
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Big congratulations on reaching that massive 1 million gold milestone, Fallongnomes. I love the explanation of your name too especially as I'm rather partial to gnomes and was wondering of its' origins. I notice you don't list Tailoring or Leatherworking in your professions - is there any particular reason for that or you just haven't got around to it yet?
I'd love to know how you're getting on now - it's been a couple of months since you submitted this interview. Did you slow down or has the habit of making gold become too ingrained for you to stop? Let us know in the comments if you have a moment - I can't be the only nosey parker around here!
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