Good for nothing? Hmm. Seems like a lot of fun playing my 7 lv 50 alts on Classic. Pala just hit 51. The rest are in queue.
My 2 dogs are naked too but man we have tons of fun out on the trail chasing squirrels, gophers and rabbits.
Is this classic or retail forum?
I have 8. Itās too much.
49 plus 1 main 
Early on into an expansion I typically focus on my main and then Iāll pick an alt or two. One usually FotM and another something I think would be fun. Sometimes I branch off into more, but the thing is on my alts, I treat them like theyāre alts. I donāt feel the need to grind out everything I would on my main. Maybe one week goes by and I just donāt feel like running Torghast on an alt - I donāt really care if theyāre ābehindā. Alts are what I do for fun, I treat my main more like a job.
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Subjective answer is subjective.
How much you play, what kind of stuff you do, and even your tolerance for repetitive content all plays a factor.
As someone who had 48 120ās and all at a certain gear level pre SL, Iām down to 5 level 60ās but 4 at least get weeklies done and, at most, 2 (was 3) actually get to push harder content past the basics.
If all I wanted to do in this game though is farm old raids, Iād level my entire army to 60 and systematically farm select anima WQās and such to grind the 197 gear.
I think, for most, 4 is the practical limit though unless they are literally spending their every waking moment on this game and even then Iād challenge theyād struggle to actually do non LFG group content on all 4 too and the 4 is so you can do 1 for each covenant and assumes you are working on the sanctum upgrades for them all and keeping them all more or less caught up with each other.
More than 50 appears to be the answer haha.
You can never have too many alts though, because it would mean you are playing them all out of passion right?
Having too FEW alts is more worrying than the alternative to me.
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Unless, like me, you have more than one account. 
To the OP: My sister (who is a worse altoholic than I am) uses die to roll which character she plans to play. She keeps lists of what things she wants to work on.
I personally play whichever character strikes my fancy at the moment. Having choices is why I like having alts.
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Does it matter? I have 15 alts on retail.
Here is one of my retail alts
Gonna go with 50
Since thatās the account cap.
You only ever have too many if you have to delete one to make another.
Not necessarily. Quite often some of the joy of having alts is purging the list from time to time.
You could just roll alts on a new server. The one Iām on is my 3rd. I donāt count any old chars on previous servers as alts because I never go back.
tries to hide her 50+ alts
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Iām on a few different servers. Still have to purge if you are nearing 50, since, if Iām not mistaken, is still the overall cap for one account. Plus, I think they upped the server cap to the account cap, so itās moo anyhoo.
I think youāre allowed all 50 on 1 realm now if you wanted.
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I started spending a significant portion of my time in WoW leveling alts after my break in bfa. I currently have 8 lvl 60s and 6 currently being levelled (although I donāt do endgame contents after hitting 60 on them so they just sit there to collect dustā¦).
I have 11. Itās way to many. Likeā¦ I almost want to delete them because I feel like I have to go collect 220 souls in the maw, kill 11 WQ bosses, run tables endlessly, run LFR 11 times, collect 1k anima 11 timesā¦
Itās bad, donāt do it.
But as a casual player, leveling alts was the only thing I have in WoW. I donāt do Mythic anything, so once I hit renown 40 and my armor is 9/9, what else can I do?
Everything is the game is trash at that point. All rewards get sold or disenchanted.
I could do Mythics, but I donāt enjoy them at all.
So Iām playing a lot of Heroes of the Storm and Overwatch lately.
Blizz burned me out of WoW. I can level a new toon from 1-60 in a day or two, then hit renown 40 in less than a week usually. LFR and Heroic Dungeons give crap gear, so no reason to do those.
I could endlessly chase Anima, but without flying I refuse. Riding around the Maldraxxi arena for the 40th time to get Deathfangs skull quickly loses itās appeal.
So 2 alts would be my recommendation. A healer, a dps, and a tank. Call that good and stop.
I have like 20. Leave me alone, these personal attacks will not stand. However my main is my main. Made the mistake of switching from warrior to shaman this tier but going back. I enjoyed it, but eh. Iāve been a warrior since Vanilla and this old man canāt change.