A Fool and His Money…

On this day of fools and foolishness we’ve seen some very funny stuff come out of the community at-large.

From Blizzard we have some truly impressive hilarity in the form of a new PVP dance battle system, the P1mp my mount feature on the European side of the pond and (our personal favorite) the roleplay-ization of the official forums.
From Markco we found new ways to win our AH bids (good one there buddy, you had us for a minute!)
WoW Insider gave us a view into Blizzard’s further partnership efforts (hey, it’s better than the World of Hello Kitty joke from last year anyway).
The Guardian, a UK newspaper, announced their intent to go Twitter only.
Tobold joins the fun with his own announcements of massive development changes to some of our favorite MMOs.

Not to be a stick in the mud (…in the MUD?) but it is worth mentioning that today there are some very serious issues going on in the real world of technology and finance as well.

The man who said you’re looking at this site through a “Series of Tubes” gets a free pass.
Anger continues over the G20 summit.
A global computer worm was to be released today but ultimately fizzled.

Here at WoWenomics we’ll make no attempts at humor today but will use the occasion to speak a bit about some of the foolish mistakes we’ve seen other players commit with their gold (and, admittedly, a few mistakes we’ve made as well).

The old Thomas Tusser saying goes that “A fool and his money are soon parted”. Here are just a few ways that happens in WoW:

*Selling items for too little. A good sign of this is if your auctions are selling right away. An immediate sale does not indicate WoWenomic genius but rather the opposite.

*Attempting to sell items for too much. As we’ve said before, an item is worth whatever someone will pay for it. However, if no one is paying for it, you’re doing it wrong.

*Selling items for less than their vendor value. There are a lot of ways to make this mistake. Again, look for fast sales as a key way to identify an item you may have made a mistake with or get a reliable add-on to help.

*Making bad trades. So often we see players trying to make uneven trades. If you’re not sure about the value of the items on both sides of the trade search them on the internet or ask folks you can rely on. At a minimum, look for the average price of both these items on the auction house.

*Undercutting by more than 10%. With very, very little exception you should never undercut your competition by more than ten percent. Sure, you may want an item to sell really fast but undercutting too deeply just rips yourself off.

*Making bad loans. Admittedly, this is one that I really struggle with. I’ve made more ‘loans’ that turned out to be ‘gifts’ than I care to admit. Having done this a few times now however, I’ve found a somewhat reliable warning sign. Just like in real life, you know those people that swear up and down that they will repay you “next week” and that they “never take loans. Ever!”? Well that’s often the guy that won’t repay you or will take longest to do so.

*Paying too much for enchantments or enchanting your own gear because you need skill ups. We mentioned the recently implemented solution to this one just yesterday.

*Getting burned by scam artists. Blizzard WILL NEVER ask for your password in WoW. Further, if a deal looks too good to be true it probably is. That WoWTCG mount code that is being advertised by the level 1 unguilded toon for only 1,500G? A fine example of this.

*Making the same mistake twice (or more). Listen, it’s okay to have made any of the above mistakes (or others). We all do it. The trick is to learn from your mistakes and move on. Report the scammer, advise others of scams, help your friends learn the ins and outs of WoW finance and educate yourself. The only real fool is the one that continues to repeat the same foolish actions expecting a different outcome. Or, to use another old saying, Fool me once, shame on you; Fool me twice, shame on me!”

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Filed under Uncategorized, WoW Economy News, WoW Gold Making Tips

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