Business And Economy Archive
Thread: What's the Secret?
Trance750 wrote:
Polexx wrote:
What is the Secret of becomeing rich?The highest amount of money as I have got is around 10 mil but Im still wondering how pep can get over 50 mil??
1.Sell for less that what the competition is selling for. I know that goes against popular thought or theory, but you'll get more repeat business and more volume sales. If you're selling a product or service, check around and see what it's being sold for, first.2.Second, if you have a shop, don't have it in a "mall" where there may be more competition. Put your vendor by itself so it will stand out.3.Be patient.
Malls can be good things though even with competition in them. The idea is for constant flow through your marketing area. This is harder if you're not established and not known. People impulse buy like crazy in this game.
Polexx wrote:
What is the Secret of becomeing rich?
The highest amount of money as I have got is around 10 mil but Im still wondering how pep can get over 50 mil??
- Limit your spending
- Become a Crafter, and produce things that are in demand.
- Limit your spending
- Become a loot wh*re, and sell your proceeds.
- Limit your spending
Seriously, if you want 50 million or more, just keep doing what made you 10 Million in the first place, and only spend credits on things you absolutely need.
You can make money off of any profession. It's all about dedication. Pre-CU, I made around 400 million credits as a Ranger. I only went after 80+ CPU resources, but if I'd been willing to do more than 4-5 buff sessions a week, I could have gotten closer to 700 million. I know crafters of all classes who have broken the 100 million mark. All about dedication.
And limiting spending helps. 400 million credits, hardly any expenses given free food, buffs and weapons from people I routinely harvested for, no armor, and my only expense was the 15K for the entertainer for each round of mind buffs, yet right now I have about 1.5 million credits on that toon. Dumped almost 200 millioncredits just into making newbie kits to give out, then factor in randomly tipping newbies 100K, buying stuff I didn't need (did I really need 23 blue and orangerugs?), etc, and you get an idea of how quickly you can go broke. The money for harvested resources isn't quite as good anymore, but I could be at 100 million by the end of the year if I really worked at it.
And don't neglect space. Run duty missions, and you can pull in 150-200K an hour at T3+ if you sell all the components to the Chassis Dealers. Loot hunting is hit-or-miss. You can go a week without getting anything useful, and then nab 20 million credits of stuff in an hour. And it requires a LOT of dedication and time. Farming the same spot over and over for hours on end will try your patience.
Polexx wrote:
What is the Secret of becomeing rich?
The highest amount of money as I have got is around 10 mil but Im still wondering how pep can get over 50 mil??
Trance750 wrote:
Polexx wrote:
What is the Secret of becomeing rich?The highest amount of money as I have got is around 10 mil but Im still wondering how pep can get over 50 mil??
1.Sell for less that what the competition is selling for. I know that goes against popular thought or theory, but you'll get more repeat business and more volume sales. If you're selling a product or service, check around and see what it's being sold for, first.2.Second, if you have a shop, don't have it in a "mall" where there may be more competition. Put your vendor by itself so it will stand out.3.Be patient.
Depends. You can't constantly go in a price war with the competition. You may sell more in volume, but you're working harder for the same amount of profit.
Trance750 wrote:
Polexx wrote:
What is the Secret of becomeing rich?The highest amount of money as I have got is around 10 mil but Im still wondering how pep can get over 50 mil??
1.Sell for less that what the competition is selling for. I know that goes against popular thought or theory, but you'll get more repeat business and more volume sales. If you're selling a product or service, check around and see what it's being sold for, first.2.Second, if you have a shop, don't have it in a "mall" where there may be more competition. Put your vendor by itself so it will stand out.3.Be patient.
Malls can be good things though even with competition in them. The idea is for constant flow through your marketing area. This is harder if you're not established and not known. People impulse buy like crazy in this game.
vendor search and people with poorly placed vendors and a poor understanding of the economy. 
Wont get you rich, but I've made about 50 million in 2-3 months without much play time. Many Many crafters make more for the amount of play time they put in, but, I enjoy going around the galaxy picking stuff up to resell on my own vendors. And remember, no amount of money is worth doing something you dont like.
and no, thatdoesn't apply to real life