Money Making Methods
Making Money in EvE can be the most intricate and divisive part of the game even if you are a pure pvp pirate/warrior/whatever. In my alliance we have one guy (affiliated but not in it) who does nothing but make money, T1/T2/T3 manufacturing, Market games, Trading, PI, you name it this guys got spreadsheets for it.
Most of us are simply not that extreme. I build T2 mods, another guy has some pretty serious industry of his own, and the rest mission, or even mine.
EvE is a game where opportunity cost is highly important. Opportunity Cost is an economics concept where you determine a cost for an opportunity by looking at the benefit of the opportunities lost. So first lets look at the benefits.
- Hisec Mining Dense Veldspar in a Hulk gets you ~ 7.5 million an hour. You spend the first 25 hours paying off the ship and the rest is profit. Also this activity is uncapped, that is you can do it as much as you want to a day, up to 23.5/7 if you want to hook up the IV and colostomy bag.
- Running L4 Missions in a Raven or Domi will net you an average of 10-12 million isk/hour just from bounties and rewards, not counting LP, Salvage, loot, counting all that lets knock it up to 20 million isk/hr. Spend the first 9 hours paying off your ship and the rest is profit. Another uncapped activity.
- Trade can be as time consuming as you want, and relies far more on skill than on time to determine income. I could do it 23.5/7 and make about 5 isk, my aforementioned friend spends a couple hours a week on it and makes billions. YMMV. Uncapped, and unpredictable.
- Industry is pretty nice. I spend maybe 15 hours a week on it and make 490 million a week. Leaving me with about 32 million an hour. However it is a capped activity, that is I couldn’t spend 30 hours a week on it and make 980 million a week without using more toons. Also the startup costs often include a POS and the need to keep it fueled, and maybe a freighter. So it takes much longer to pay off, but in the long term its a LOT of money.
So if I wanted to mission, and did it to the exclusion of all else the opportunity cost is the cost of the BEST alternative not taken. So if I had the option of Industry (I may not have the skills, in which case its not available) I’d be losing the opportunity to make about 10 mill an hour for the first 15 hours. After that your opportunity cost is compared to mining, and you are actually ahead.
So where does this leave hisec mining (Null/WH is a TOTALLY different animal). Honestly I do not understand anyone with more than 2-3 months in the game who still thinks mining is worth the time to warp to a belt. If you have the time and skills to do anything else you should. There are rogue drone missions that drop more minerals/hour than any hisec belt.
The one thing that can tip the scales (temporarily) in favor of mining is that these calculations require the ability to do the activity. You cannot simply start running level 4 missions your first day in EvE, most people do not have the capability to run advanced R&D projects, and sometimes getting in a retriever and strip mining for a couple of hours is needed to get you into that Raven or Drake or Dominix.
So what kind of projects do you do for money? How could you improve them? Do you have a long-term goal for making money, and if so do you have money saved up to get you the startup costs?