Episode 1.17 - Is Your Domain Name an Asset or Liability?

This Episode

• I haven’t made a podcast in nearly 3 months! What’s going on?
• Are you buying assets or liabilities?
• I accidentally transferred 20 domain names to NameSilo.com

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Where has Jason been?

I haven’t made a podcast in nearly 3 months!

• I’m moving to Kentucky – relocation is taking a lot of time.
• I’ve had to step up my game at work as FIVE of the developers on my team left the company.
• I’m trying to read more, and listen to less “opinions” on podcasts/articles and generally adjusting to a post-COVID19 world.

Are your Domains Assets or Liabilities

I recently read “Rich Dad Poor Dad” by Robert T. Kiyosaki, and this was a tough pill for me to swallow, but he made some good points. Let me say that I don’t think the world rotates around money, but he argues it does, and he makes some valid points to this. My biggest take away is how he defined the differences between the rich, middle class, and poor:

• Rich buy assets, Middle Class buy liabilities they think are assets, and the poor only have expenses. This is why, he states, the rich get richer and the poor get poorer.
• Definitions
  Asset – something that generates income
  Liability – something that costs you money
  
• Based on that definition, are your domains assets or liabilities?
• How do domain names generate revenue?
  Parking
  Websites
  
  Is it possible to have a good enough volume of sales to generate enough revenue to cover expenses consistently? I think yes, but I think this is hard to do.
  Only buy .com domain names
  Only buy 1 or 2 word .com domain names (firstnamelastname domain names, domains with numbers, hand registered “made up names”
  STOP buying lottery tickets!
  Think like an investor
  

I’m a NameSilo Customer Now (by accident)

• Meant to transfer to NamePal, but through a series of unfortunate events, I transferred names to Namesilo.