I can’t believe it has been almost 2 months since my last post. I was kinda busy with making money, building websites and reading comics that this blog went to the side. Anyway, I hope to pick up my writing pace again to share progress on my early retirement plan.
There is nothing more motivating than waking up on a Monday morning and see that you have sold a domain. This is what happened as I have sold my first domain through Godaddy Premium and it is a wonderful feeling. The first sale is always the most important because it validates my strategy on how to make money with domains. Without a sale, nothing is proven and it is tough to keep pouring money into an unproven area.
I first wrote about domain investment here: how to buy and sell domains, how many domains I need to make money and what I have purchased. I didn’t make a single sale since there and truth be told, I am starting to worry about whether I can really make any money in this domain game.
Luckily, the sale finally happened and below is a screenshot of what I sold this morning:
I bought this domain in June 2012 for USD25. It sold for USD499 which yields me a profit of USD325 after deducting Godaddy’s commission and the cost of purchase. The best thing about this sale was that I didn’t chase any leads. All I did was to list it in Godaddy Premium Listing and it sold by itself.
The only thing I worked on was learning how to pick up good domain names that I think businesses will want to use. WorkReferral.com sounds like a possible work marketplace such as eLance.com or Odesk.com. It was this thinking that I purchased this domain.
This sale has now given me both confidence and money to continue to buy better names. Honestly speaking, I haven’t been buying names since Oct 2012 because I just don’t know if I can pick up names that will sell. This sale proves that I am on the right track and I will continue to buy more names from now on.
This again shows that there are so many ways to build your income streams that is not dependent on your job. My goal is to build as many of these income streams as possible to fund my retirement. Remember, it is not how big your retirement fund is, it is how much income streams you can create before you retire. If you do the latter, you will find that you don’t need 5 million, 3 million or even 1 million dollars to retire. All you need is a monthly income stream that exceeds your monthly income expenses and you will be good to go.