poll Do you teach your kids to domain?

capybara · Sep 6, 2019

We're approaching this age where the first generation of domainers, many of whom hold some of the most valuable names out there, may retire from this place any day and move on to the better world. Which can have a quite unpredictable impact on the domain market, since it is not possible to foresee the way their assets are going to be treated by their heirs (that is, if there are heirs, and if they are even aware of these assets).

While I myself am much younger, I can perfectly imagine this situation: there's a price I want for a certain domain which I've been holding for a long time, I had 10% offers rejected, I had 30% offers rejected, I had 80% offers rejected, but didn't live long enough to make this happen, and then after a while it gets sold for say 5% of my desired price by a clueless offspring – I would be spinning in my grave so fast that the whole world's seismologists would set on alert!

How to get the young ones to appreciate your patience, your persistence, your sacrifice? I believe the only way is to have them hooked on domaining too, have them experience all the way starting from indifference, doubts and hopelessness to the heights of confidence and the beauty of fulfillment of the long-anticipated reward. Only then you can entrust your precious domains, being certain they are to get the same treatment, which ordinary people hardly could provide.

So, how do you go about this? Do you teach your kids to domain?

dtagr · Sep 6, 2019

Absolutely teach them! My 11 year old son is learning about parking revenue and how a couple bucks here and a couple bucks there can turn into a couple hundred bucks USD!! He is allowed to spend 50% of his monthly earnings on new acquisitions, 25% renewals and 25% spending.

My 5 year old is 5 or 6 years away from learning, if I live that long. I will be setting up a family trust to hold the assets. That way the family can make decisions about which assets to pursue and how much to sell for etc.

Best thing I ever taught myself was how to make money when I sleep and I'm passing that on to my next generation.

SuperBrander · Sep 6, 2019

Inheritance of domains is an interesting topic. If a domainer has the energy to teach domaining to family members so they'll make informed decisions one day- that's probably the best case scenario but in most cases I think domainers will find it hard to discover that same sort of enthusiasm for domaining in other people, especially if they're expected to do extensive learning and be immersed in domaining to the same level of the teacher. That's a process that takes years and not everybody is suited to or interested in dealing with negotiations, auctions, escrow, registrar to registrar transfers, keeping up to date with trends that can affect the price etc.

Perhaps consolidating all the domains in one place and then writing a paragraph about each domain's expected price and the reasoning behind it plus a general guide on how to do a few basic things could work better for most and then it would be up to family members (or whoever else is inheriting the domains) to decide what to do. As long as they're getting some money out of it and are aware of the price the domain was expected to be sold at- then nobody should be rolling around in the grave, IMO, even if the domain ends up selling for less. Coming back as a ghost to give some guidance might be helpful though.

Internet.Domains · Sep 6, 2019

Yes, I teach my kids about all aspects of business and entrepreneurship. Naturally, that includes the benefits of good domains.

DNWon · Sep 6, 2019

dtagr said:
My 11 year old son is learning about parking revenue and how a couple bucks here and a couple bucks there can turn into a couple hundred bucks USD!! He is allowed to spend 50% of his monthly earnings on new acquisitions, 25% renewals and 25% spending.

You should be arrested for child abuse!

briguy · Sep 6, 2019

Yes, I have been teaching them about money (savings, interest etc) since they were "knee high to a grasshopper" ..stuff that I had to learn myself..
Also settled up a contingency plan for them..

https://www.namepros.com/threads/do-you-have-a-contingency-plan-for-your-internet-assets.940181/

barybadrinath · Sep 7, 2019

I don't have any kid till yet.

myfavorite · Sep 7, 2019

If you're good in it, pass on the knowledge.

But if your still struggling to know your right from your left in domaining, please don't pass poor knowledge to your children.

capybara · Sep 7, 2019

myfavorite said:
But if your still struggling to know your right from your left in domaining, please don't pass poor knowledge to your children.

I think all children are naturally good at recognizing bad teachers from the good ones, so for someone without bright examples of their own success it definitely won't work and won't inspire at all.

HotKey · Sep 7, 2019

Darn right! Particularly in the art of good keyword combinations, and pricing strategies.

But also, my kids teach me! They are the filter I pass many of my pre-acquisitions through, because they will eventually be the future users and handlers

Mister Funsky · Sep 7, 2019

No direct heirs but I did help raise two nieces after their father, a highly decorated Marine pilot, was killed in a crash due an aircraft malfunction.

There are others and only one out of them all has any interest and/or understanding of the domaining world. I began teaching her about domaining and because she is highly intelligent it was surprisingly easy. However, her life is taking her in a different direction recently.

So, at some point I will be making a post here offering them all as one bulk sale. It is an eclectic collection with values ranging from $0 to $300,000...keep your cash, bitcoins, credit card or checkbook handy...on second thought, leave the checkbook in the drawer.

Constantin S · Sep 7, 2019

I don't have kids, but if I'd have I'd consider teaching them how to sell them only if the effort worth it. I wouldn't bother if my domains are worth only few $$$ that's for sure.

WatchDogue · Sep 7, 2019

We have a few family related domain names that will likely go to a couple of (potential) relative heirs who can use those domains for personal or business endeavors.

The family names have been discussed with 'em, they have been schooled ( verbal / written) re legal transfers , renewals etc of the family names and as they are bright quite easily understood the personal value of those names.

That leaves a portfolio of open market salable names they may potentially receive to be
" schooled up on " prior to my not presently pending although nevertheless inevitable eventual departure from the great sphere of keyboards.

In due time we will in-depth specify ( verbal / written) each name's potential value / details, transfers, renewals, possible selling platforms etc., and as they are quite bright will easily follow the details and the potential money will assure they stay the course.

Likely some of the open market names may be sold for under a fair market value - probably to achieve some quick sales and revenue but, I've likely undersold a few myself.

MadAboutDomains · Sep 8, 2019

When I have a child, he's going to be a domainer!!

capybara · Sep 12, 2019

According to the poll, there are at least 7 vampires among NP members. Ladies and gents, watch out if you're planning a meetup with someone – better have that aspen stake with you just in case!

poll Do you teach your kids to domain?

Do you teach your kids to domain? Sort by votes

Certainly

I'd like to, but they don't seem interested

Teach? They are already better than me!

Don't have any heirs. Don't care about what happens when I'm gone

I have heirs. But don't care about what happens when I'm gone

Don't have any heirs. Plan to donate to charity

I have heirs. Plan to donate to charity

Going to leave my domains with the lawyer and minimum allowed selling prices carved into my will

I am certain they can make the best of my assets without any special training

Nah, I rather sell my domains for $1 at NP

Haven't thought about any of this yet

I am more of a flipper and the issue isn't relevant

I am immortal. What's this all about?

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