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How do you stop yourself from buying junk every time you have a spare cash?

I only try to spend money I have in my Paypal account (from sales) so most of the time I am good (I almost manage not to go through lists of expiring domains... almost), but then a bit of cash comes my way and the reason goes out of the window.

So how do you manage not to spend everything until the last cent?

(It's namepros so I expect one the first answers to be "I will tell you if that ever happens" :P)
 
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How do you stop yourself from buying junk every time you have a spare cash?

I only try to spend money I have in my Paypal account (from sales) so most of the time I am good (I almost manage not to go through lists of expiring domains... almost), but then a bit of cash comes my way and the reason goes out of the window.

So how do you manage not to spend everything until the last cent?

(It's namepros so I expect one the first answers to be "I will tell you if that ever happens" :P)

Ha ha cool post!
I wonder myself the same thing everytime I see crappy names landing in my accounts. :)
 
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Stick this on your computer:

"Cheap Names are not Good, Good Names are not Cheap"
 
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A year ago, if I had spare cash, I used to buy cigarettes. Now I buy Domain names. Maybe we need something else that we can buy instead.
 
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Open excel.
Fill out two columns: revenue, expenses.
Then weep.
 
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Open excel.
Fill out two columns: revenue, expenses.
Then weep.
...you weep, then you look at expiring names/flippa/godaddy auctions and "oh, shiny! but just this one, and maybe that one too... OK OK the last one, I promise!"... and you back to zero balance :rolleyes:

Stick this on your computer:

"Cheap Names are not Good, Good Names are not Cheap"
Domain addiction - it's not the "itch" you can "scratch" with just one good purchase you know ;)
 
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Don't look at the expiring list if you don't want to spend. Once you look at the list you will spend. I had to stop or unsubscribe to help myself. It's all temptation so taking yourself from the temptation is step one.

You already have a ton of names so those need to sell first before you buy new ones or look at new list.
 
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Open excel.
Fill out two columns: revenue, expenses.
Then weep.
Now THAT right there is some funny stuff!!! (And, sadly, hits way to close to home... :xf.eek:)

Thanks for the laugh Kate.
 
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But Is'nt that's learning experience?
 
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Don't look at the expiring list if you don't want to spend. Once you look at the list you will spend. I had to stop or unsubscribe to help myself. It's all temptation so taking yourself from the temptation is step one.
Yeah, out of sight out of mind - but there's always that irrational "fear of missing out".

What if the day you don't look through names available for sale/bidding you miss the million dollar opportunity... ok, make that thousands dollar opportunity.

Reading Namebio and DNJournal doesn't help - Wait, that mediocre reg fee name sold for how much?!
 
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Yeah, out of sight out of mind - but there's always that irrational "fear of missing out".

What if the day you don't look through names available for sale/bidding you miss the million dollar opportunity... ok, make that thousands dollar opportunity.

Reading Namebio and DNJournal doesn't help - Wait, that mediocre reg fee name sold for how much?!
I had that same fear.. because i know i got good names from those lists. However, those list names come daily even hourly.. and good names will be there always. The focus should be realizing what's the worth of these list right now if I have 400 unsold names? Arn't those names supposed to be good names too that you could have missed? Would you keep buying products for a store if you haven't sold much if any of the ones you already have in stock? Believe in the names you already have and find a professional way to present them to endusers. The names you already have are the thousand dollar opportunities...

If you are using a paid list then unsubscribe. It will help a whole lot. write down the solid reasons why you stop receiving the list and keep it. So when you feel tempted you can look back at the reasons. This will help too because when we are tempted we don't think clearly or remember things..My plan now is to focus on the names i already have. I stopped receiving list for a month in January and at the start of February i made my biggest sales with names i already owned.
 
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A wise man learns from his own mistakes. A genius learns from the mistakes of others.
... and domainers do same thing over and over again, but expect different results.
That's apparently also a definition of insanity :xf.grin:
 
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So how do you manage not to spend everything until the last cent?
I got married and had a kid :)

Really though, I just don't keep a separate domain fund. If you have money set aside for the sole purpose of buying domains it is going to burn a hole in your pocket. As long as the fund isn't empty and a domain catches your eye, you won't feel bad at all about spending it because that's what it is there for.

I keep all my sales proceeds in my personal bank account, and I get used to the amount in there and hitting certain milestones, so I'm more hesitant to let the balance drop unless I know I'm getting a steal. Now the money isn't there to buy domains, it is there as a cushion to feed my family or if there's an emergency, and in these areas you can always do with a bigger cushion. Seeing it pile up there makes you feel more safe, it doesn't make you itch to get rid of it.

I definitely wouldn't recommend that you stop looking at drop lists or auctions, if you're not buying you aren't making money and your business is dying. You may miss a golden opportunity, consistency is really important in this business. Or maybe that's just the domain addict in me talking, lol.
 
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Believe in the names you already have and find a professional way to present them to endusers. The names you already have are the thousand dollar opportunities...

My plan now is to focus on the names i already have. I stopped receiving list for a month in January and at the start of February i made my biggest sales with names i already owned.



You enlightened me! :xf.smile:
 
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How do you stop yourself from buying junk every time you have a spare cash?

I only try to spend money I have in my Paypal account (from sales) so most of the time I am good (I almost manage not to go through lists of expiring domains... almost), but then a bit of cash comes my way and the reason goes out of the window.

So how do you manage not to spend everything until the last cent?

(It's namepros so I expect one the first answers to be "I will tell you if that ever happens" :P)


:xf.cool:

saying-no1.png
 
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I've ever read that in domaining purchase is 5% and sell is 95% of the whole activitity. Truely, we must take time for information, studying, ecc

I believe is time for me to focus on s-e-l-l :!:
 
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