Six years have passed since I went full time into domain names... so this convo with
@DomainNameWire seemed like a perfect place to share some of the things I've noticed along the way.
My brain was going faster than my mouth during recording, but afterwards I took a bit of time to think about some additional tips for new investors or anyone else thinking of making the leap:
1) Don't quit your day job! Do whatever it takes to delay going full-time as an investor. Once you need those early profits for living costs, you lose out the advantages of reinvesting and compounding. You can also balance out the volatility of domain sales with a steady income source - it's a lot less pressure/stress, especially during dry spells.
2) It takes time ... to learn, and time for capital to compound. Maximising time in the game is half the battle. Some domainers give up before they reach a critical velocity - and others don't get off the ground because they haven't made enough effort to learn before buying names. Prioritise long term survival over trying to get rich quick with luck-based outliers.
3) Keep learning. There's a ton of awesome content out there - podcasts, blogs, investors here on X and domaining forums too. We're lucky to have so much data and information available to us. There are more tools out there than ever before too - filtering and finding names has never been easier.
4) Make friends. Find yourself a small cohort of similar like-minded investors you can chat to... people at a similar level and maybe who've started at a similar time. Learn together and sharpen each other. Question, support and inspire each other. Go to conferences and meet other people in the industry too - you'll be surprised how much you'll learn in person that you won't online.
5) Health is wealth. It's cliche, but the grind takes its toll - mentally and physically. Long hours sat at the computer. The isolation of working alone, often late at night. The ups and downs of the game. The constant burden of 'hindsight'. It all adds up... so looking after yourself is priority number one. Without that, it all means nothing.
Hope you enjoy listening. Thank you to Andrew - it's always a pleasure chatting with you.
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