What does $1,000 mean to you?

[equity78]

Namepros is a pretty diverse place, members from every continent except for Antarctica. Discussions take place about money where many see their opinion as fact. Examples:

That's not a lot of money

I don't get out of bed for less than $5,000

Anyone can afford to blow 100 .com regs in a year

People pronounce their desire to never sell to a domainer, or buy from one. People talk about how they don't flip names for a couple hundred dollars. Of course everyone is entitled to their opinion and free to do what they like.

But what does $1,000 tied up in domain names mean to you? Can you afford to lose it? Can you renew said $1,000 for 1 year, 5 years, 10 years? What about profiting $1,000 in a year?

Vote in the poll.

 

[AbdulBasit.com]

$1,000 is a good deal of money to me.

 

[Tunababa8v]

$1000 will fix a lot of things for me.

1) Pay my rent for a whole year,

2) Pay my kid's school fees for three terms straight

So yea, $1000 is a good deal of money to me only because the '' thousand is in dollar'' though.

Change the dollar sign to naira and the thousand will only get me 2 handregs .com on netsol

 

[D Haynes]

Excellent idea for a thread @equity78 !

It's so interesting to see the different opinions and the different walks of life our community holds.

It looks like the main determining factor on what it means is where you come from and what the cost of living is. For @Tunababa8v it would mean a whole years rent (which is incredible) where as it wouldn't pay even a months rent where I live.

For me personally a grand would be lovely thanks but because of the cost of life in London it doesn't buy very much so it wouldn't be the end of the world if I lost it (although I'd still be sad).

Having said that ... 5 weeks ago I got offered a new job which pays 65% more than my old job. Obviously I took it and I start this week. The new job means I have to buy some new tools, the problem is I've just had the driveway done and for the first time in 15 years I'm skint. Then I get an email from someone interested in a name and a week later I'm $1500 better off! I could then buy the tools I need ($1504 almost bang on) and concentrate on being nervous lol.

So although what I said is true in the most part (wouldn't be the end of the world to lose it) once in a while it can feel like a gift from the gods.

Whatever your financial situation, don't get complacent and don't take even the smallest amount of money for granted cos we can all end up on the bread line.

 

[Furquan]

$1K means lot for me, I glad that I found this domaining as its pay me much more. I live in a village near the "Mumbai" here you can buy a whole day foods for just $3.

 

[vinothayyavu]

As a indian . 1K is more money for us. But it depends on which city we are living in.

(1K is dust if we live in Chennai,Bangalore,delhi or mumbai) . I am from Chennai paying monthly rend as $250.

If i stay on my vilage. I can run a month with 100$.

 

[bmugford]

Interesting question here and very interesting answers.

Haven't really thought about it much but now that it's in black and white and it is in discussion form, it is making me think a bit
I haven't voted yet. I am a little divided between 2 answers - #2 and #4

1. It's Tip money, nothing to me at all
2. If I profit $1,000 changes little and I could afford to lose it
3. $1,000 is more than I make a month at my job
4. $1,000 is a good deal of money to me
5. $1,000 profit would change my life greatly, I could never risk that much in purchases

I feel like #2 sometimes since I spend $x,xxx+ many times over, and make $x,xxx+ on many sales as well. So, can I afford to lose it, yes but it pisses me off a bit.

But really #4 makes sense for me as well. When I spend $1k it is an important purchase for me. Same as when I sell a domain for $1k, it still makes me pretty happy because most likely it was a $xx purchase so that is a big deal imo.

I wish I could answer #1 but I cannot.

Actually as I write this out and think more, I will go back up there and vote #4.

I am in the same boat between #2 and #4. Losing $1,000 would not really effect me in a major way, however it is still a good deal of money for anyone really. I certainly would not be happy with losing $1,000 with nothing in return.

I don't care how much money I have, "It's Tip money, nothing to me at all" is not a mindset I would ever adopt.
That type of mindset leads to reckless spending and eventually not having money.

Brad

 

[Bob Hawkes]

Good idea for thread, @equity78.
I answered the 4th. I mean I could survive losing $1000 but regard it as a lot.
The poll made me think about would I invest in domains differently were I still working full-time with a regular (slowly increasing) salary? The answer is probably yes - I think once retired or semi-retired we naturally become a bit more risk averse.
On NPs I think we should respect that within our community are very different financial situations, which do have some implications for approaches to domain investing.
Bob

 

[imadoer]

Guess I'm first to vote......Voted
If I profit $1,000 changes little and I could afford to lose it

 

[BaileyUK]

I voted, could afford to loose it. However I do think that's a bit of a jump between that and the next options of 'A months income' & 'It's a lot of money ' I retired at 50 but I still have to be careful with my income/pension.

It's a bit of a long story but I lost sight of a couple of domains late last year, they dropped and went to Auction. I stopped looking when I'd seen they had reached US$3,000 at auction... It may sound a bit ignorant or careless but, I don't really value money that much, so long as I have enough. Easy come - easy go has always been my motto.

Sadly (maybe) I've never been driven by money, even since I was a teenager. probably because I've always had enough... Achievement has always been my motivator if that makes sense

 

[Silentptnr]

Spending a thousand doesn't bother me but I rather invest a thousand with a chance of return.

Earning a thousand doesn't really move my needle but I like money coming in more than money going out.

 

[equity78]

Both 3 and 4 alternatives are the same.

I don't think they do, I think there are people such as @AbdulBasit.com that makes more than $1,000, yet consider it a good deal of money.

 

[imadoer]

I don't think they do, I think there are people such as @AbdulBasit.com that makes more than $1,000, yet consider it a good deal of money.

It is a good deal of money however it doesnt change much in life especially living in the usa ..buying domains and Bills I blow through 1k like drinking a glass of water

 

[Vito]

Interesting question here and very interesting answers.

Haven't really thought about it much but now that it's in black and white and it is in discussion form, it is making me think a bit
I haven't voted yet. I am a little divided between 2 answers - #2 and #4

1. It's Tip money, nothing to me at all
2. If I profit $1,000 changes little and I could afford to lose it
3. $1,000 is more than I make a month at my job
4. $1,000 is a good deal of money to me
5. $1,000 profit would change my life greatly, I could never risk that much in purchases

I feel like #2 sometimes since I spend $x,xxx+ many times over, and make $x,xxx+ on many sales as well. So, can I afford to lose it, yes but it pisses me off a bit.

But really #4 makes sense for me as well. When I spend $1k it is an important purchase for me. Same as when I sell a domain for $1k, it still makes me pretty happy because most likely it was a $xx purchase so that is a big deal imo.

I wish I could answer #1 but I cannot.

Actually as I write this out and think more, I will go back up there and vote #4.

 

[1Darko]

I don't like to loose any money. My moto: another day - another dollar!
Option 4 is welcomed all year long!

 

[JB Lions]

Namepros is a pretty diverse place, members from every continent except for Antarctica.

I shall move to Antarctica to fix this problem and I hear it's nice and cool there.

Population - 1,106, hmm

If I profit $1,000 changes little and I could afford to lose it

 

[xynames]

A thousand by itself may not be make or break but multiply it some and win or lose it can start making a big difference.

 

[briguy]

If I recently got into domaining, a $1000 loss that was based on speculation would be enough of a reason to get out of domaining.

Would it affect my offline life today . no!

 

[AbdulBasit.com]

It is a good deal of money however it doesnt change much in life especially living in the usa ..buying domains and Bills I blow through 1k like drinking a glass of water

I agree. It actually depends on one's location where he resides. $1000 in my country can change life forever for someone may be in U.S it's just not a big thing. So mostly it depends on the geographic location.

 

[noonoo1]

I suppose $1000 is about 7 hours work for me.

If I profit $1,000 changes little and I could afford to lose it

 

[etifit]

I will go for #5. $1000 to naira can pay my rent for a year with some left for feeding. I can't afford to lose sure amount.

 

[mr-x]

I think $1k is a lot of money. I think $250 is a lot of money!

 

[Nikul Sanghvi]

The spectrum of responses is excellent testament to the diversity of this community. Whilst we all share different tolerances to risk, it's amazing that this industry has a fairly low barrier to entry and provides for many, the opportunity to earn more than a monthly income.

The knowledge required to make $1000 in domaining is available to anyone willing to invest the time. The more important $1000 is to each of us, the more important it is to split the signal from the noise... and use that time wisely to understand the trade. The right knowledge is the prerequisite - and the ability to absorb greater financial risk simply reduces the timeframe and effort required to make money.

And although our individual relativity to $1000 is different, our relationship to time is uniform. It is finite, irreplaceable and can be snatched away from us at any point. It should be guarded as closely as our other resources... yet, it is often easier to waste time than it is to waste money.

 

[maksimfa]

Would I be okay losing it? No.
Can I lose it? I suppose... would not like to and it is all about calculating those costs.

I suppose when my .pics/photos renewed by mistake and was $1k in the hole I was a bit pissed... but did not go broke as a result.

I look at it this way... $1,000 can buy me another VERY good gun on which I won't lose money. lol.

 

[eurorealtor]

Being back in Europe after nearly two decades, I just learned $1,000 mean $h**t in the EU. The good old "cheap" days are gone. So I better watch not to loose any profit.