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Tuesday, 11 June 2013

One month old

I am about to go on a business trip for a few days so seems a suitable time to wrap up on my first month.

Having to reinvest (what feels like serious isk to me) on a daily basis now: I got home today from work to find 750m ISK in my wallet and i need to reinvest that before i leave tomorrow.

“Rush Job” contracts may actually be the way forward: I was able to buy 680m isk worth of products at Jita and i did a “Rush Job” courier contract with PushX Industries.

For an extra 15m isk (20.8m isk courier fee vs the normal 5.8m) i can have my items couriered within a day.  In this case i checked on the PushX chat window and they suggested almost straight away.  And indeed within 1 to 2 hours it was with me.

If this works then i may consider using “Rush jobs” more often.  If i was to courier up to 1bn ISK then it would cost be 2.1% (20.8m / 1000m) vs the normal 0.6% (5.8/1000) but i would get it almost immediately.  Currently i generally wait a day before the items are couriered.  I suspect if i did the maths then i would discover that the extra speed at which i can put the “Rush Job” couriered items to sell in Dodixie will more than make up for the extra cost.  i.e. my isk would be reinvested back into the market 12 to 24 hours faster – that could be serious money.

Skilling up: I finished training Accounting 4 and so i now pay 0.90% sales tax.  Hence i now pay 0.80% to post a sell order and then 0.90% sales tax when it sells.

I started training Wholesale 5 to give me an additional 16 active order slots and will allow me to start training Tycoon which adds 32 active order slots per level.  It will take me 20 days to train Wholesale 5 – i was a little hesitant but i know i will be away for a week in the last week in June so i have a clear 15 days before i even consider starting a new account (at which point i may also start training up an alt on this account to do manufacturing), so no harm in starting Wholesale.  If i stop the training i will still keep the skill points and at some stage i can complete the final 5 days.  In actual fact, i don’t really need it but i do have a spare 15 days so i may as well get my trading skills up.

One month in: As i stand after one month (of which i was away for 5 days) my wealth is now 2.6bn isk – and that includes a 20% provision against the 3.1bn isk of sell orders i have to reflect the fact that i may need to reduce prices as competition comes in to undercut.

And this is the first time i have posted more than 3bn isk of sell orders.  I seem to recall that my first 1bn felt like a milestone!

I am coming close to the point where i am struggling to find items to buy – so feels like i need to do more research into items to sell.  I have started buying more of the same items to make sure i don’t lose out on sales.  But that just makes the problem worse – i don’t buy new items in Jita until i have completely sold out in Dodixie, hence i gather more isk as i wait for a line to sell out.

I am currently using 71 of my 125 order slot limit.  I may investigate some minor station trading (that is, putting buy and sell orders for the same item in one station and so just trading within that station).

Looking forward to starting an additional account: Once i get to a point where i have 600m isk that i cant reinvest then i will start a new account and have it financed with plex.  That new account will also be a trader so i can build up my isk monthly inflows to finance my other activities.  I suspect i will be starting a new account at the end of June.  Really looking forward to the other parts of business / industry in Eve though.  The ISK making blogs on the blog roll cover many of those areas very well.

Current wealth is  2,573,215,984 ISK made up from:
  • Items for sale 3,060,382,299 ISK
  • less a 20% provision 612,076,460 ISK*
  • items in storage for sale 87,300,000 ISK
  • items in transit 0 ISK
  • ISK in wallet 37,610,145 ISK

I don't count assets I use in the course of my business such as ships, fittings etc nor do I add back any expenses such as skills purchased etc.  The wealth I disclose is made up of items that are ISK or are in the process of being converted to ISK.

* I take a 20% provision against the items I am selling.  Eve calculates wealth by adding up the value of the sell orders hence it is possible to increase your wealth by buying an item for 100m ISK and putting a sell order for 120m ISK (in this case your wealth would increase by 20m ISK).  For me, I want my wealth to be calculated at cost until i finally hold it as ISK.  I know that the value of my sell orders will likely fall over time as I update my orders downwards as competition reduces their prices before my items are sold.  Hence the 20% provision is my best guess as to what the maximum reduction I would need to make to my sell orders as a whole before they are sold.

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