L.A. Randle
Imminentstartups.comEstablished Member
- Impact
- 99
My friends and I tend to talk a lot about stocks and their current investments. And of course, I'm still straddling the fence when it comes what I want to invest in.
But the one thing I'm consistently investing in is domains. Domain has been at the top of my portfolio for years.
My friend lost a bit of money over the week and damn near lost her mind. We began talking about investing in domains, and after about 30 minutes, she was ready to throw her money at whatever domain she could get her hands on.
I had to slow her down and tell her that it doesn't work that. You can throw your money away if you wish, but whats the fun in that?
There are a few steps she needs to take before making her first investment.
I think many people tend to think that going out to buy domains is just that. When in actuality there is a bit of homework that SHOULD always be done before you invest in your first domain name.
The reality is, everything about the domain industry changes every single year. Which means you are going to have to learn how to keep up with the rules.
There are so many resources out there that you can use to get ahead in this industry, and it's imperative that you take those resources and utilize them.
The first thing I told my friend was to avoid buying tons of domains. Most people when they first get into investing, the first thing they do is buy a shit load of domain names. Worst mistake ever.
I told her you have to remember that these domain names come with annual fees. Never put yourself in a situation where your domain names are turning into liabilities.
I also told her to start following domaining.com which is a great place to follow the industry. It's perfect for newbies trying to get started. You should always be learning.
As a new investor it's important that you vet your investments with other investors who know what they are looking at. They can help guide your decisions, and help you avoid pitfalls when it comes to bad domain names.
Remember, these non-liquid investments; never invest money that you can't afford to lose. Investing in domains isn't like investing in stock. It's not easy trying to sell a domain name with value.
The most important thing to do is to focus on investing in domain names that other people can actually turn into a business. That ultimately is the point behind domain investing. You want to hold something that other people will want in the future.
But the one thing I'm consistently investing in is domains. Domain has been at the top of my portfolio for years.
My friend lost a bit of money over the week and damn near lost her mind. We began talking about investing in domains, and after about 30 minutes, she was ready to throw her money at whatever domain she could get her hands on.
I had to slow her down and tell her that it doesn't work that. You can throw your money away if you wish, but whats the fun in that?
There are a few steps she needs to take before making her first investment.
I think many people tend to think that going out to buy domains is just that. When in actuality there is a bit of homework that SHOULD always be done before you invest in your first domain name.
The reality is, everything about the domain industry changes every single year. Which means you are going to have to learn how to keep up with the rules.
There are so many resources out there that you can use to get ahead in this industry, and it's imperative that you take those resources and utilize them.
The first thing I told my friend was to avoid buying tons of domains. Most people when they first get into investing, the first thing they do is buy a shit load of domain names. Worst mistake ever.
I told her you have to remember that these domain names come with annual fees. Never put yourself in a situation where your domain names are turning into liabilities.
I also told her to start following domaining.com which is a great place to follow the industry. It's perfect for newbies trying to get started. You should always be learning.
As a new investor it's important that you vet your investments with other investors who know what they are looking at. They can help guide your decisions, and help you avoid pitfalls when it comes to bad domain names.
Remember, these non-liquid investments; never invest money that you can't afford to lose. Investing in domains isn't like investing in stock. It's not easy trying to sell a domain name with value.
The most important thing to do is to focus on investing in domain names that other people can actually turn into a business. That ultimately is the point behind domain investing. You want to hold something that other people will want in the future.
