This post was inspired by J Money’s post about why he thankfully didn’t sell Budgets Are Sexy and Rockstar Finance.
It was a normal Tuesday morning. I wasn’t aware of the events that were about to unfold while I was drinking coffee. I made some coffee. I can’t wait to drink the coffee I just made. I spit out my coffee when I opened my email. I can’t believe what I’m reading.
The email title was “$45,000 for MillennialMoney.com”. I’m excited to find out more about this incredible opportunity after opening this email. Was this real? I can’t believe it happened. I immediately called the number in the email. Did domain investing pay off? It was difficult to say if the effort and resources invested had been worth it. Yes, it was true. I couldn’t believe it was true, but it actually happened. Whoah.
I was offered $45,000 by a marketing agency that works with a large investment bank. I decided that the domain was worth more and declined it. They didn’t care about the social media accounts. They wanted to own their brand online.
They said they could get the paperwork and money wired within the next 24 hours. They are confident that the transaction will go off without a hitch. They wanted to build a platform for young investors. Access to a range of investment options would be provided by the platform. They were looking for an answer within 3 days. They were unable to provide an answer due to the complexity of the issue.
I told them I would get back to them. I told them that I would make the best decision. 3-minute conversation done. I had a lot to think about. I knew I had to make a decision soon.
Domain Investing is a Great Investment
I love investing in domain names. I have been able to make a lot of money by investing in domain names. The internet’s real estate is called domain names. They can be used to create an online presence for businesses, organizations, and individuals.
My wife calls it my “obsession” and doesn’t hesitate after a few rounds of drinks to laugh about it with everyone. I know she finds it endearing because she teases me about it. They always say that you really own 800 domains. It sounds crazy, but I’m serious! I am a domain name junkie.
Some people buy vinyl, new shoes, or collect watches – I own domain names. I’m always looking for domain names that have the potential to be valuable investments in the future. I bought my first domain when I was 13 with my father’s credit card. It was a big step in my journey to becoming a web developer.
I have been investing in domains for 22 years and while I didn’t keep great records for all those years, I estimate I’ve made between $50,000 and $60,000 in net profit from my collection. I’m confident that I can increase my profits in the future because I’m still investing in domains.
It costs a lot to maintain them. I pay for my habit by selling a few that pay for renewing them. It’s always exciting to discover a piece with a unique story, and I love finding new antiques to add to my collection.
I Bought MillennialMoney.com for $300 in an Auction
I’ve watched the value of domains increase over the years. It is not uncommon to see some domains sell for millions of dollars, and I know people who make $25,000 per domain regularly.
I didn’t know how to find MillennialMoney.com. It’s been helpful in helping me reach my financial goals.
I bought it at a domain auction. At the auction, I got a great deal on the domain name. I thought it was a steal. I tracked down the account and bought it for $500 after sitting on it for a few years. It was worth the money to invest in the domain name.
I hold some long-term investments and some domains I buy to sell. I saw huge potential in Millennial Money and now others do as well. It has become a leader in providing financial advice to young people.
Should I Sell MillennialMoney.com?
It was going to be hard for me to part with it. I knew the car was worth a lot more than that. Let’s do the math. The best solution can be found by looking at the big picture.
If I Sold My $300 Domain I would Generate a 14900% Return! Beat that 401k!
I don’t know if I should cash out or sell it. I don’t know if I should hold onto the investment or not.
I hadn’t written a When I got the offer, I wrote a post about it. I had a plan to write every morning for 2 hours, but it didn’t work out that way. I know that isn’t feasible, but I’m still determined to make this a success.
It’s true that writing a post on a website is hard. You need to be knowledgeable and creative in order to create an engaging post. It takes a lot of time to do well.
I stopped writing after I started the blog. I realized that I needed to take some time away from writing in order to focus on other projects. I didn’t have to write another post or feel guilty that I should be writing more because I had the chance to make $44,700 on my domain investment. I was able to focus on creating content and strategies that would help grow my business.
The rational investor told me to sell. I decided to hold on to the stock because I knew I had to take a chance. Get rid of it! It’s best to dispose of it properly if you don’t want it. Take the money! Do you want to build a new kitchen?
It was easy to sell, but I kept making excuses. It was difficult to push myself out of my comfort zone because I knew I had to take the plunge eventually. So I did whatever I do whenever I have any tough decision – I went to the whiteboard. I wrote my ideas down so I could reference them later.
Here are the exact questions that I wrote down:
1. How much could the domain be worth in 5 years?
Many premium domains are going up in value, making domain investing a big business. If you are willing to make the investment, domain investing is a great way to build wealth over time.
If someone offered me $45,000 today, why wouldn’t they offer me more in the future? I would be willing to negotiate a higher salary in the future.
If they have a lot of content and are making money, it is common for a domain to sell for $100,000+. savvy investors are taking advantage of the opportunity to purchase high-value domains for a fraction of the cost of starting from scratch It is difficult to project the value of a domain, but it is important to look at the topic of the domain itself. It is important to assess the potential traffic the domain name could bring in. Money domain demands a premium. The demand for money domains can be very volatile.
Also given the fact that a firm that works with investment banks offered me $45,000 – presumably, to market some investment products to Millennials, I think this domain will increase in value over the next 5 years.
Millennials are only making more and more money and will continue to need money advice over the next 3 decades.
Demand: High
2. How much time do I really have to dedicate to building Millennial Money?
This was a big question for me. I didn’t know how I was going to answer it. I don’t have a lot of free time. I want to maximize my productivity so I can make the most of my time. I use a disciplined time management philosophy which helps me move my projects forward and also give me some time to chill. I’ve seen a marked improvement in my productivity because of this philosophy.
Each project has a specific number of hours dedicated to it. I adjust my goals when necessary to make sure I meet deadlines. I build in “chill time” and “wife time” into my weekly schedule.
Don’t tell my wife that I read this. I don’t know if she would be interested. When I fall behind on a project, I try to add hours to it the next day. If I know I’m going to be late for a project, I need to communicate with my team.
How do I fit in with writing and building money?
Dun dun dun.. Something had to go. It was a difficult decision, but it had to be made. I took 10 hours from TV and 10 hours from my consulting job. I will use the extra time to focus on my personal projects, which have been neglected for too long. 20 hours.
I can work on building money for 20 hours a week. I’m going to use this time to create something that will help other people with their finances.
Time: Yes
3. Do I want to invest in the Millennial Money brand and platform?
This was easy. It should have been solved quickly. If you’ve read anything about me you know that Millennial Money is my mission.
Having money gives you freedom and making more, saving more, and growing your net worth is easier than you think. A lot of people don’t know what to do with their money. Anyone can become financially savvy with the right guidance.
I decided I was more interested in investing in Millennial Money than in selling the domain. I am confident that the potential returns from Millennial Money will be much greater than what I could earn from sellingthe domain.
There is an idea bigger than me. I want it to be a place where people can make smarter money decisions.
It is hard to put a price on the potential impact of Millennial Money.
It is more than $45,000. It’s an investment that could pay off in the long run.
Sell? NO
