- Impact
- 4
The Manuscript – Automatic Millionaire
This article is my guide to becoming a million within the next five years, but written with you in mind. Thus, you are more than welcome to join me in this journey. This article is not a quick fix to financial debt.
TM: Initial Investment Capital
“Cast thy bread upon the water, and you shall find it after many days.”
You would need $0.006 million ($6,000) initial investment. There is no need for you to panic because I am going to share with you how I raised mine. Few years ago, I bought a house in the Bronx (a borough in New York City for those who live outside of the United States.). I paid something in the neighborhood of $0.2 million and 18 months later, the house sold in the neighborhood of $0.3 million. I only share that with you to set the stage for the rest of the article.
The sanitation workers usually pickup the garbage during weekdays and over the course of time I had the opportunity of talking with the men that pickup my garbage. Although, I enjoyed chatting with these men, but I had other plans in mind. These men were going to help me raise my initial investment capital (what). One day I decided it was time to execute my plan, thus, I approach the driver of the truck and told him that I would like to ask him for a small favor. First, I ask the driver what the public school does with their old student textbooks. “I throw them way” he said. I ask him if he would not mind dumping the books in front of my home the next they pickup old textbooks from the schools. To my surprise the man said sure, I do not mind. Two weeks later, I over heard people talking in front of my home, so I look through the window and to my promise it was the sanitation workers off loading bags in front of my house.
As I went through the bags (call me craze) what I saw changes everything. The bags had over two hundred softly to severely used textbooks. I cleanup all the books and then enter one of the book “ISBN” into Amazon.com search index. A similar book in mint condition cost $75, while used ranges in price from $12 to $38. To cut the story short I sold 183 of these books for $19 - $28. In addition, I also got books from friends, clients, neighbors and family members.
You have probably read in the newspaper or heard in the news that millions of people who go to bed hungry in the in United States. On the flipside, two out of every three adult in United States own at least one cellular phone. Used cellular phones are a goldmine that provides millions of dollars in revenue to thousands of people. I personally know of people in Nigeria who generate anyway from $1,500 to $8,000 a month from selling used cellular phones. To me used cell phone was just another way for me to get closer to my dream of becoming a million (raise my initial investment capital). We collected hundreds of cellular phones and resold them through online auctions and cellular phones recycle programs. Company that runs cellular phone recycles program pay $5 to $10 per phone.
I would love to share with you hundreds of other ways to raise your initial investment capital, but time would not permit me. I will post the list on NamingJournal.com in the near distance future.
Assuming you have managed to secure or raise your initial investment capital ($6,000) and you are now ready to invest. The $6,000 is for you to invest/start a domain business (let assume that is what this article is about). Vast part of this money is for domain name purchase (dotcom, ORG and NET).
TM: Know When To Sell
“Do not pray for an opportunity, but pray that you will be ready when it comes.”
Any prudent investor knows when to sell, but failure to recognize this opportunity will be a disaster. In my opinion, there are two kinds of people, the speculator and the prudent investor.
The best time to think about selling your portfolio (domain names/business) is before you actually buy any domain name. Preparing a portfolio for sale is not as straightforward as you may first think, especially if you want to get the best price possible.
Okay few things should be in place before you approach a prospective buyer for your portfolio. Think of this as selling a big company, what would you need? You would probably need an attorney with knowledge of the trademark laws, a brokerage firm, prospective buyers, bank account and you. You should carefully decide whom you want to sell your business too, because this is very important. To get the top selling price, you need to find a synergistic buyer/investor.
Hypothetically, you bought a house in January of 2004 and in January 2006; you decided to sell the house. Unfortunately, there are several new constructions going up in your neighborhood/community. Since most prospective buyers will be more interested in the new homes instead of yours, because new construction are usually cheaper (depending on where you live). Now let fast forward three year later, but this time the builders have completed the new homes and gone. If you do good prep of your home, do your homework and have right real estate agent your chance of making a fortune from the sale increase.
You probably know someone who knew someone who sold a domain name for a million dollar or maybe not. For a moment imagine yourself been the person who own that domain name and you did not even know it worth a million dollar. How will you go about finding the right buyer for your domain name? I will get in-depth when we discuss the other steps.
TM: Patience
“True wealth and patience have one thing in common, they reward those who watch and pray.”
Legend has it that Bank of New York and many other companies paid over a million dollar for its domain name. The individual who sold these domain names to these companies did not get to become millionaires overnight. Rather, it was a combination of luck, timing, connection, network, investment and a lot of patience.
In 1998, I registered a domain name with a dot ORG extension. I leased the domain to a faith-based organization that I started. I cannot disclose the domain name or the name of the name of the organization that purchased the domain name, however, the following is how I met the buyer. I wrote a standard introduction letter and sent it via email to 20 prospective buyers (nonprofit and faith-based organizations). In the letter, I told the prospect that their current domain names did not reflect or portray their organization objectives. Moreover, I used the letter to introduce them to the domain name I was selling. For close to four weeks I did not hear from these organizations. Suddenly, I got a response from a prospect. The prospect sent me an offer that was ridiculous. I responded to his email and respectful decline his offer. There was a three weeks silence between the first and the second email. Then I got a second email with an offer that was still below my asking price. To cut the story shot, the prospect finally send me an offer that was good (I cannot disclose the amount), but I can assure you it was in the thousand.
Read the rest of the article on March 30 at www.namingjournal.com
Disclaimers: by reading this article, you agree not hold the writer, namingjournal.com or it affiliates liable in anyway.
This article is my guide to becoming a million within the next five years, but written with you in mind. Thus, you are more than welcome to join me in this journey. This article is not a quick fix to financial debt.
TM: Initial Investment Capital
“Cast thy bread upon the water, and you shall find it after many days.”
You would need $0.006 million ($6,000) initial investment. There is no need for you to panic because I am going to share with you how I raised mine. Few years ago, I bought a house in the Bronx (a borough in New York City for those who live outside of the United States.). I paid something in the neighborhood of $0.2 million and 18 months later, the house sold in the neighborhood of $0.3 million. I only share that with you to set the stage for the rest of the article.
The sanitation workers usually pickup the garbage during weekdays and over the course of time I had the opportunity of talking with the men that pickup my garbage. Although, I enjoyed chatting with these men, but I had other plans in mind. These men were going to help me raise my initial investment capital (what). One day I decided it was time to execute my plan, thus, I approach the driver of the truck and told him that I would like to ask him for a small favor. First, I ask the driver what the public school does with their old student textbooks. “I throw them way” he said. I ask him if he would not mind dumping the books in front of my home the next they pickup old textbooks from the schools. To my surprise the man said sure, I do not mind. Two weeks later, I over heard people talking in front of my home, so I look through the window and to my promise it was the sanitation workers off loading bags in front of my house.
As I went through the bags (call me craze) what I saw changes everything. The bags had over two hundred softly to severely used textbooks. I cleanup all the books and then enter one of the book “ISBN” into Amazon.com search index. A similar book in mint condition cost $75, while used ranges in price from $12 to $38. To cut the story short I sold 183 of these books for $19 - $28. In addition, I also got books from friends, clients, neighbors and family members.
You have probably read in the newspaper or heard in the news that millions of people who go to bed hungry in the in United States. On the flipside, two out of every three adult in United States own at least one cellular phone. Used cellular phones are a goldmine that provides millions of dollars in revenue to thousands of people. I personally know of people in Nigeria who generate anyway from $1,500 to $8,000 a month from selling used cellular phones. To me used cell phone was just another way for me to get closer to my dream of becoming a million (raise my initial investment capital). We collected hundreds of cellular phones and resold them through online auctions and cellular phones recycle programs. Company that runs cellular phone recycles program pay $5 to $10 per phone.
I would love to share with you hundreds of other ways to raise your initial investment capital, but time would not permit me. I will post the list on NamingJournal.com in the near distance future.
Assuming you have managed to secure or raise your initial investment capital ($6,000) and you are now ready to invest. The $6,000 is for you to invest/start a domain business (let assume that is what this article is about). Vast part of this money is for domain name purchase (dotcom, ORG and NET).
TM: Know When To Sell
“Do not pray for an opportunity, but pray that you will be ready when it comes.”
Any prudent investor knows when to sell, but failure to recognize this opportunity will be a disaster. In my opinion, there are two kinds of people, the speculator and the prudent investor.
The best time to think about selling your portfolio (domain names/business) is before you actually buy any domain name. Preparing a portfolio for sale is not as straightforward as you may first think, especially if you want to get the best price possible.
Okay few things should be in place before you approach a prospective buyer for your portfolio. Think of this as selling a big company, what would you need? You would probably need an attorney with knowledge of the trademark laws, a brokerage firm, prospective buyers, bank account and you. You should carefully decide whom you want to sell your business too, because this is very important. To get the top selling price, you need to find a synergistic buyer/investor.
Hypothetically, you bought a house in January of 2004 and in January 2006; you decided to sell the house. Unfortunately, there are several new constructions going up in your neighborhood/community. Since most prospective buyers will be more interested in the new homes instead of yours, because new construction are usually cheaper (depending on where you live). Now let fast forward three year later, but this time the builders have completed the new homes and gone. If you do good prep of your home, do your homework and have right real estate agent your chance of making a fortune from the sale increase.
You probably know someone who knew someone who sold a domain name for a million dollar or maybe not. For a moment imagine yourself been the person who own that domain name and you did not even know it worth a million dollar. How will you go about finding the right buyer for your domain name? I will get in-depth when we discuss the other steps.
TM: Patience
“True wealth and patience have one thing in common, they reward those who watch and pray.”
Legend has it that Bank of New York and many other companies paid over a million dollar for its domain name. The individual who sold these domain names to these companies did not get to become millionaires overnight. Rather, it was a combination of luck, timing, connection, network, investment and a lot of patience.
In 1998, I registered a domain name with a dot ORG extension. I leased the domain to a faith-based organization that I started. I cannot disclose the domain name or the name of the name of the organization that purchased the domain name, however, the following is how I met the buyer. I wrote a standard introduction letter and sent it via email to 20 prospective buyers (nonprofit and faith-based organizations). In the letter, I told the prospect that their current domain names did not reflect or portray their organization objectives. Moreover, I used the letter to introduce them to the domain name I was selling. For close to four weeks I did not hear from these organizations. Suddenly, I got a response from a prospect. The prospect sent me an offer that was ridiculous. I responded to his email and respectful decline his offer. There was a three weeks silence between the first and the second email. Then I got a second email with an offer that was still below my asking price. To cut the story shot, the prospect finally send me an offer that was good (I cannot disclose the amount), but I can assure you it was in the thousand.
Read the rest of the article on March 30 at www.namingjournal.com
Disclaimers: by reading this article, you agree not hold the writer, namingjournal.com or it affiliates liable in anyway.
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