Can anyone make 5 Figure income doing what we do?

[trishool]

DOES anyone make a high 5 Figure income doing what you do?
(generally enough to live a simple and independent life)

If Not

1) Why do you do it?
2) Is it worth it? Would it not be better to try to invest your time in a more ROI business?

If Yes

1) Were you immediately successful? How long did it take you to earn a high 5 figure per year income?

2) Do you have a specific education background (such as degrees in computer science, web design, website development, marketing) that makes you better at making an income trading domains and/or developing running and operating websites/blogs?

I Think a Lot of Newbies Get Frustrated and this would give everyone a good sense of this business.

Thank You and A Thousand Pardons

 

[Jaco]

Yes, it's possible, but you have to be quite intelligent and a supremely creative, nimble thinker.

All people can be classified into two intelligence types.
Associative, formulaic thinkers and analytical, configural thinkers.
Both operate in an entirely different way.

Lets say we take 10 people with IQ's of 120 who are associative thinkers and 10 people with IQ's of 120 who are analytical thinkers.

There are going to be things that the associative thinkers do much better than the analytical thinkers. Things involving feats of memory, adherence to the rigors of process, etc.

Then, there are areas where the associative thinkers are going to fail pretty miserably. Problems involving creative association, abstract reasoning- basically, anything that involves creativity or analysis.

I've always felt that winning in the domain game slants hugely to more right brained people who are skilled with configural reasoning. They're able to look much deeper and comprehend how domains are likely to relate to other people, as opposed to checking search volume and CPC, period.

The short of it is, yes, it's possible, just as it's possible to make six figures a year playing online poker. The catch is, it's pretty unlikely that any random person asking that question is going to have the right intelligence type to actually do it, as if they did, they'd already be raking in the cash.

 

[trishool]

Thank you all for your inputs and advice. I appreciate it immensely. I understand that only a very small percentage of people involved in this usually make it big. I guess it all comes down to motivation.

 

[Jaco]

Less about motivation and more about gifts in the way of intelligence type; you can be totally motivated and self-starting, yet still destined to fail. You can be outright lazy yet if you're blessed with the right intelligence type, succeed in spite of that.

Successful speculative domain buying or successful development isn't a meritocracy. Hard work can ratchet up success for those blessed with the right tools, but hard work alone doesn't guarantee success. Almost to the contrary, laziness is one of the biggest motivators in this game; forcing very sharp and creative people to work smarter...

 

[fm1234]

@trishool

I think the question is difficult to answer because there is no "what we do." Or more precisely, you don't really define it in your question. There are probably 100 completely different approaches to making money being discussed on this forum right now, all of which somehow tie back into domain names. Each of those anywhere from two to dozens of different angles of approach. Some people passionately decry others who don't do the same thing they do. Some people do their things and don't pay the non-work discussions much mind. Some people dabble here and there and never really settle into anything.

It's actually kind of like shopping for a religion, come to think of it. You can't walk into an interfaith convention and ask, "Can we get to heaven doing what we do?" because everyone is doing something different when not hanging out at the convention hall or looking for the closest, most poorly-lit strip clubs.


Frank

 

[trishool]

Jaco. I like your left brain right brain explanation. I actually dont know which side of my brain I use more. I am unaware of any side being dominant so I took a quiz online here Right Brain/ Left Brain Quiz

and got equal points for both sides of my brain, which sucks because that makes me Bi. I am the Mario character in Super Mario 2 . But what would give me truly the most pleasure is to find a way to be successful that no one has tried before. In order for me to do that, I need a deeper understanding of all methodologies people use to make money.

Frank: A lot of people try different religions before settling down into one. Some people never find anything while others will see that there is nothing to find. I am looking hard right now. Dabbling in a lot of different things and I have found that I like certain aspects of the industry as a whole and I do not like others. As far as developing goes, I like to plan the site and I love to write the content but I hate the marketing bit.

My main motivation is that very same poorly lit strip club