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I'm Rich Now What?

First off let me apologize for my absence from this blog. I have been struggling with internet problems for a week! Still not perfect but at least my land line is working (wireless on the fritz). Comcast can't seem to lock down the issue, but I'll get posts out as best I can! I already have about 100 emails to get through... so please don't be upset if I'm late responding. You can sign up for the newsletter on the right of the screen for more frequent tips while I get things back to normal.

Here's an email from someone who recently struck it rich:

"Hi Markco,

thank you for your incredibly helpful blog as well as email tips.

Now I do have a specific question though. I've managed to craft Eternity and sold it for about 4k gold. But I am unsure how I can invest a significant amount (maybe 1-2k gold) to make more money. So far the most I had to flip with was around 400g and even then I sometimes run out of ideas what to invest in / flip. I guess one option would be precursors or directly legendaries, but that seems quite dangerous (?)

I'd appreciate any tips you could give me.

Your blog reader,
Archangelic"

Instead of legendaries, you should be flipping exotics. Think of this analogy. Someone who has 10 gold can flip items worth 1 silver to 2 silver and that's .01% of their money. For you, having 4,000 gold means you can take the same risk with 4 gold. You need to apply all the flipping tips you find on this blog to bigger fish, or just a lot more of the little ones.

Besides flipping exotics, I recommend purchasing silver ore, but don't do it just yet. Recent charts are showing silver ore dropping so you might want to wait until it gets a little lower.

Purchase unidentified dyes and sit on them for a long time. They will eventually rise in price. In fact, they went up 3-4 silver in the past 10 days.

Also look into the mystic forge, but be careful! Money can disappear quickly when you use it without checking the math first. Research is key.

You have more money, so you can make more money. Just don't force it to happen. You still have to play by all the rules of supply and demand, like everyone else.

Welcome to the next level ;)

3 comments:

  1. Draco said...:

    If you haven't already, you might want to think about investing in a personal guild or two with full guild bank tabs available. Each can hold another 259 stacks of something. Personally, I have two with full tabs available, and full. It's easy to fill them when you invest long term. Another suggestion is diversify! Do long term, short term, take about 10% go high risk with a few speculative ideas. Use a small amount and learn a new market or two. With a nice sum of coin, learning new markets allow you to potentially lose a few gold without it hurting you. More likely then not, learning a few new markets will make up any of your losses. Just approach each with a small amount of funds as if you only had 10% of the bank you currently have. Diversify and broaden your abilities, double your bank sooner then you think.
    Good luck.
    Draco

  1. What do you mean with Mystic Forge? Throwing in rares/exotics for precursors?

  1. Zanaraxtaurs said...:

    Most likely, he was referring to item promotion using the Mystic Forge...
    Great way to trade skillpoints or laurels for gold... I've made a very nice sum over the last few days promoting crafting mats and selling the resulting fine mats (also, once you get into this, remember you can also promote your dust, so, depending on the current price, you may not want to be buying your top tier dust to use in promotion, you may want to actually promote it)

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