Get rich or die trying
Day 720, 02:43
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Published in USA 
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by
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by Calew
I will write a duo of articles; the first being about how you do to get rich as fast as possible in eRepublik and in the second one I will tell you why you should get rich and what to do with the money.
So, you might wonder why the title is taken from a album and movie. Well, I thought it would be a fun thing and hopefully it will atract some extra readers.
Without further presentation; enjoy!
The first steps
When you first join eRepublik you get a salary worth almost nothing, I think that the money you get from it isn't worth saving. I bought q1 food every day and when I had enough money I bought myself a weapon. But this is up to you, I'm sure if you do it right you can probably get 1 gold before you reach lvl6 and get 5 gold as a bonus. For me the economic part started when I got those 5 gold, I immediately invested those to make them grow as fast as possible.This way I had earned 3+ gold when I got my second bonus, the hardworker medal.
Monetary market and investments
When you've made your first 5-10 gold you won't be able to buy a company. But you will still be able to make your money grow. The first option is the monetary market. This requires time, and some knowlegde in math. The profit from the moetary market comes from the gap between selling gold and selling currency. If you sell your gold for 20 currency and then sell each currency for 0.06 gold, you will make 0.2 gold/gold you sell. With the help of a calculator you can make great profit. The hard part about using the monetary market is deciding which market to use. If you choose a currency of a great country you won't risk that the currency-rate will make a great change, and there are many transactions so you money will be bought faster. But the gap will be smaller. In small countries it's the direct opposite; the risk is higher, your offers won' be bought as often, but the gap will will be bigger so you will make great profit if you succeed.
If you don't have the time and aren't interested in risking to lose all you should instead try to invest your money somewhere. If you choose the right investment oppurtunity you can make gret money, but watch out because there are a lot of people trying to scam you for your money. If you want to be sure that you won't be scammed you should look for established actors, they have shown for some time that they are keeping their word and your money can be safe there. But if you choose banking services that are very established they will offer a low interest. They know that they are trusted and therefore they can give low interest. If you wish to risk more you should look for fairly new businesses, still you should make sure they are serious. If they put a lot of time into the project and a lot of people choose them then they are probably serious and will not run with your money. They are not as safe as the very established ones, but the profit will be higher, probably more than twice as high as the established ones offer.
Making 1000 gold out of 100 gold
I believe that there is no sense in starting a q1-3 company, the profit is low and there is a very big risk that you won't even go even. Even if you make profit from them you will still make more profit from the monetary market and investing. Some people might think having a company is fun, and will want to do it as soon as they have the 20 gold. But I would recommend them not to. It might be exciting when you hire your first employees, get your first products produced and get them sold. But in a couple of days you will find the your company is losing money and you will regret buying the company.
Therefore you should wait until you atleast can buy a Q4 company. I made the mistake of buying a q1-company. Some days I made 20 USD per day, but other days I could lose 80+ USD, depending on the market. Anyway I lost approx 5 gold and that was lucky because I was able to buy the company for 18 gold and sell it for 20, but I lost 7 while managing it.
After that I didn't buy a company until I was able to get a q5. It made me 5 gold richer every day and still does. So my advice to people wanting to start companies; wait untill you have 150+ gold and then make sure your company will be profitable.
It's actually very easy to see if a company will be profiable or not. With the help of a calculator and the erep.wiki you will be able to see pretty exact how much you will earn every day. Just calculate how much your employees will produce, look up how much each product cost and you will see how much income you will have each day. The calculate the salary of your employees and ad the cost of raw material and subtract this number from your income and you will have your daily profit. Then you will see if it's any use to start the company.
Money in your pockets is lost interest
Every month you can get approx 20% interest from a trustworthy banker. This means that if you walk around with 10 gold you will lose 2 gold each month, 20 gold will be a loss off 4 gold, and 50 gold will be a loss off 10 gold. With this said I mean that you should always have as little as you can in your pockets. If you cannot use it for your company (if you have one), they should be invested or put in a savings account. Make sure that you always make as much as possible with every penny.
MEP update
MEP has still got shares for sale so if you have money that you can't use you should buy some shares and you will get dividends within 20 days. Read my last article for more information.
So, you might wonder why the title is taken from a album and movie. Well, I thought it would be a fun thing and hopefully it will atract some extra readers.
Without further presentation; enjoy!
The first steps
When you first join eRepublik you get a salary worth almost nothing, I think that the money you get from it isn't worth saving. I bought q1 food every day and when I had enough money I bought myself a weapon. But this is up to you, I'm sure if you do it right you can probably get 1 gold before you reach lvl6 and get 5 gold as a bonus. For me the economic part started when I got those 5 gold, I immediately invested those to make them grow as fast as possible.This way I had earned 3+ gold when I got my second bonus, the hardworker medal.
Monetary market and investments
When you've made your first 5-10 gold you won't be able to buy a company. But you will still be able to make your money grow. The first option is the monetary market. This requires time, and some knowlegde in math. The profit from the moetary market comes from the gap between selling gold and selling currency. If you sell your gold for 20 currency and then sell each currency for 0.06 gold, you will make 0.2 gold/gold you sell. With the help of a calculator you can make great profit. The hard part about using the monetary market is deciding which market to use. If you choose a currency of a great country you won't risk that the currency-rate will make a great change, and there are many transactions so you money will be bought faster. But the gap will be smaller. In small countries it's the direct opposite; the risk is higher, your offers won' be bought as often, but the gap will will be bigger so you will make great profit if you succeed.
If you don't have the time and aren't interested in risking to lose all you should instead try to invest your money somewhere. If you choose the right investment oppurtunity you can make gret money, but watch out because there are a lot of people trying to scam you for your money. If you want to be sure that you won't be scammed you should look for established actors, they have shown for some time that they are keeping their word and your money can be safe there. But if you choose banking services that are very established they will offer a low interest. They know that they are trusted and therefore they can give low interest. If you wish to risk more you should look for fairly new businesses, still you should make sure they are serious. If they put a lot of time into the project and a lot of people choose them then they are probably serious and will not run with your money. They are not as safe as the very established ones, but the profit will be higher, probably more than twice as high as the established ones offer.
Making 1000 gold out of 100 gold
I believe that there is no sense in starting a q1-3 company, the profit is low and there is a very big risk that you won't even go even. Even if you make profit from them you will still make more profit from the monetary market and investing. Some people might think having a company is fun, and will want to do it as soon as they have the 20 gold. But I would recommend them not to. It might be exciting when you hire your first employees, get your first products produced and get them sold. But in a couple of days you will find the your company is losing money and you will regret buying the company.
Therefore you should wait until you atleast can buy a Q4 company. I made the mistake of buying a q1-company. Some days I made 20 USD per day, but other days I could lose 80+ USD, depending on the market. Anyway I lost approx 5 gold and that was lucky because I was able to buy the company for 18 gold and sell it for 20, but I lost 7 while managing it.
After that I didn't buy a company until I was able to get a q5. It made me 5 gold richer every day and still does. So my advice to people wanting to start companies; wait untill you have 150+ gold and then make sure your company will be profitable.
It's actually very easy to see if a company will be profiable or not. With the help of a calculator and the erep.wiki you will be able to see pretty exact how much you will earn every day. Just calculate how much your employees will produce, look up how much each product cost and you will see how much income you will have each day. The calculate the salary of your employees and ad the cost of raw material and subtract this number from your income and you will have your daily profit. Then you will see if it's any use to start the company.
Money in your pockets is lost interest
Every month you can get approx 20% interest from a trustworthy banker. This means that if you walk around with 10 gold you will lose 2 gold each month, 20 gold will be a loss off 4 gold, and 50 gold will be a loss off 10 gold. With this said I mean that you should always have as little as you can in your pockets. If you cannot use it for your company (if you have one), they should be invested or put in a savings account. Make sure that you always make as much as possible with every penny.
MEP update
MEP has still got shares for sale so if you have money that you can't use you should buy some shares and you will get dividends within 20 days. Read my last article for more information.
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Comments
first
second
nice aricle. very helpful.
greetings from eCroatia!
Voted, very full of helpful insights!
"Money in your pockets is lost interest
Every month you can get approx 20% interest from a trustworthy banker."
How does this help people make money? You don't give any examples, how are we supposed to know whether they will steal our money or not. It isn't too easy finding someone trustworthy.
Voted, and here very interesting section of Slovakia
http://www.erepublik.com/en/article/explanations-about-slovakia-1024993/1/20" target="_blank">http://www.erepublik.com/en/article/expl[..]/1/20
wow Q5 company i will open soon!!!! GREATINGS From eSerbia!!!!
http://www.erepublik.com/en/newspaper/my-america-206630/1" target="_blank">http://www.erepublik.com/en/newspaper/my[..]630/1
@Jonathan
In the section called "Monetary market and investments" I give you a brief explaination on how to see if you are dealing with someone serious or if they might scam you.
"[...]you should look for established actors[...]"
"If they put a lot of time into the project and a lot of people choose them then they are probably serious[...]"
You make Q2 companies sound absolutely worthless. I've owned multiple Q2 companies in multiple markets, and I've always made cash. Just manage and invest in them carefully and you won't have problems.
Good article.
vote
@Bill
Of course low-q companies can be profitable, but if you compare the profit you can make from them to the profit you make from the monetary market or investments you will find that the latter is the most profitable.