If you got a domain sale windfall, congratulations. Now it’s the time to kick back and enjoy life: take a trip to the Bahamas, treat your friends to a luxury dinner, or jump off a cliff doing paragliding.
Odds are that you are not going to do any of this, however, and you’ll end up spending most of your money buying domain names.
Going on a domain shopping spree after a big sale is very common. It’s a psychological response to getting more of what caused the unexpected windfall in the first place. If you got rich on stocks, you buy more stocks.
It’s time to safeguard your money!
Bidding on auctions just because there’s more money in the bank, can take that balance down quick. On average, a LLL .com costs $25k to $40k and it’s easy to spend up to $100 grand on a set of three. The same goes for dictionary word .com domains, and now that there’s a cashflow that could get you that domain name, it doesn’t mean you should.
Are you using a credit card to pay for your domain name auctions and acquisitions? Delete the numbers and put the card in a ziplog bag and freeze that motherfucker for the next 3 months!
That’s right: freeze your money and freeze your head until you cool off a bit – otherwise, it’s easy to spend 25% to 50% of your financial windfall within weeks, if not days.
Freeze your money!
Get a financial advisor to guide you through today’s economy. Everyone else is a “specialist” in their head when investments went right, but not when they went south.
In a nutshell: You earned that money, and you can do great things with it – just put your desires in a deep freeze for 90 days.
You can thank me later!
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