I have recently spoke wiith my financial advisor about purchasing domain names and building websites. He said since I have some extra capital to use this could be a very exiciting and lucrative venture. There are two domain names up for auction on godaddy that I am interested in one is www.fasttires.com the other is www.findyourdreamgirl.com. Fasttires is already going for $40,000 and findyourdreamgirl.com is listed for $18,995 my advisor thinks this is a good price to move on before it goes up it could be the next match.com. What do you guys know about these sort of investments I want to build my own web business.
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I had a web site I thought of and bought for $20…. it was a great domain name (I won’t mention it here)… a .com domain.. this was 3 years ago or so… I thought about selling it but didn’t want to be bothered… so…
I got tired of it and let it expire… a large domain company quickly grabbed it for about the same price, and they have been trying to get $5,000 for it… for several years now… still no buyers… and it’s changed hands a few times between other big domain buying companies.
it is very hard to make big money selling domains… I personally would not risk it by spending $40,000 on one… you are making someone else rich, and there is no guarantee that you will sell or be able to recoup your costs, or even make money.
I would FIRE that financial advisor…. my advisor is dave ramsey… he’s pretty smart and don’t cost me a fortune… get his total money makeover book… and listen to his daily podcast.
if you want to invest money look into growth stock mutual funds.. .they average around 12%
domains are a bad investment.
This is in no way an investment. Investing indicates a reasonable potential gain while this is pure speculation and probably better termed gambling.
His advice is unbelievably stupid (probably the worst advice ever) and you need to fire him this second. He probably wears slip on shoes because he can’t figure out how to tie regular ones. Ask him this question… How can I be sure that http://www.findMYdreamgirl.com, FindINGyourdreamgirl.com, findyourdreamGUYORgirl.com,www.fydg.com, etc aren’t the next match.com. The value of a domain is based on traffic and it’s unlikely that http://www.findyourdreamgirl.com will generate any. What is the incentive for women (read 50% of the population) to go there? This could be an adult site but with millions and millions of those sites why would yours be any better? If there isn’t a bullet proof answer to that one (and just so you know in advance THERE ISN’T) then you have your answer.
I’m not quite sure what kind of business you would be trying to build is it selling tires or is it selling women? I think both markets are pretty much saturated at this point (or rightfully illegal).
I recommend that instead of doing this you throw a massive block party and show everyone what it’s like to burn money in a big pile that will be a huge hit. Invite your ex advisor because he’s probably very famaliar with the process of burning money (after all look at his advice).
I agree with the person above. Your financial advisor is seriously misinformed, and his advice to you is irresponsible. Domain names can be a good investment, if you approach it methodically, and know what you’re doing.
Simply haphazzardly buying domains you like without careful analysis is just like investing in a company because you like its name.
I seriously hope you’re trolling.