Let’s face it – there’s a lot of bad advice out there. IMO there are two kinds of bad advice:
- Bad advice coming from people who just want to make money off of you (usually by selling a product or service)
- Bad advice coming from people who have no idea what they’re talking about and just want to be an “expert”
Oh, and of course you can combine these two for what I think is safe to call really bad advice. There has always been a lot of hype around buying and selling domain names. What’s always bugged me is people who make it sound like anyone can drop a few thousand dollars on domain names and turn that into tens of thousands of dollars.
As you either know, or find out the hard way, this is rarely the case. More often than not you read a few articles or a blog post, look at a list of recently sold domains, get excited and go register a ton of domains in your boxers at 3AM. You tell yourself, “if just one of these sells for $5,000 – I’ll make my money back and the rest is gravy.”
Then none of them sell and as Rick Schwartz would say, you probably bought a bunch of pigeon shit. Here’s the problem. There are a lot of books, videos, blog posts, podcasts, etc. about buying and selling domain names, how can a new domain investor find a source they can trust? Of course the same is true for investing in the stock market, flipping houses, trading forex, and the list goes on.
People all over the world get inspired by investment opportunities and hooked by the prospect of “easy money,” which outside of lotto winners isn’t a real thing. I’ve heard domain name investing compared to the lotto and gambling in general a number of times, and with limited data, most new domain investors really are just gambling.
I’ve seen a lot of different resources come and go over the years and right now from where I’m sitting I’d have to say the two best sources of realistic advice on domain name investing come from Domain Sherpa (and his course DNAcademy) and Rick Schwartz. While Rick isn’t blogging any more I always recommend people go back and read his blog because there are a ton of nuggets on there and if you don’t follow Rick on Twitter, you should because he’s super active on social media right now.
So now I’ll turn it over to you. Where do you go to get realistic domain investing advice? Comment and let your voice be heard!