I frequently remind myself of the fact that many people never get
started making any real money because they want to start out with
a home run.
It’s often a LOT easier to start out small, and then simply roll
over profits.
For example, I’ve been a “domainer” since circa 2009.
I buy and sell domain names, keeping some as investments, and
building sites on others for various purposes.
You can purchase a domain name for as little as $1, but I pay
around $11 for most of the ones that I buy.
Of those that I buy to quickly flip, I wondered if I started with
just $100, and sold those domains for just enough to double my
money on each (on average), how long it would take for me to turn
that $100 into $1 million.
Despite being a college graduate with some postgraduate training,
I’ve never really been a math whiz, so I turned to ChatGPT,
asking it the following question:
“If you start with $100 and double it every month, how many
months will it take to turn the $100 into $1 million?”
It took ChatGPT less than a minutes to spit out the following
answer:
If you start with $100 and double it every month, the amount of
money you have after n months will be:
$100 x 2^n
To find out how many months it will take to turn $100 into $1
million, we need to solve the following equation:
$100 x 2^n = $1,000,000
Dividing both sides by $100, we get:
2^n = 10,000
Taking the logarithm base 2 of both sides, we get:
n = log2(10,000) = 13.29
Therefore, it will take approximately 13.29 months to turn $100
into $1 million if you double your money every month. Since you
cannot have a fraction of a month, we need to round up to the
nearest integer, which means it will take 14 months to turn $100
into $1 million.
Being a little lazy, I don’t even work very hard at choosing
domain names that easily sell for twice my investment, while
also identifying some with the potential to sell for hundreds,
thousands, even tens of thousands.
I pay $5 per MONTH for a subscription service called Name
Snagger, where most days I get an email with a list of several
hundred pre-owned, recently-expired domains that my mentor
recommends. These are all domain names which Gene gives a value
of at least $500. I simply sift through the list and purchase any
that appeal to me.
Since there are others, both Name Snagger subscribers and people
watching from other places, you DO have to be fast, but I’ve
never had any problem quickly snapping up the domain names that I
want.
If you’d like to know more about Name Snagger, which again, is
only $5 per month, go here: https://lnkd.in/eu4sHN5K
To your success,
Willie Crawford