This transcript was generated from the episode audio and may contain minor errors.
If you're like me, you have way too many domains that you have registered but never put to use. It's almost embarrassing. I was looking through my different registry accounts and I was like, man, I've got domains that I registered, you know, way back in 2008 that I thought were just, you know, really valuable. Like I had an idea for a project and never really made the project, but I also just never stopped paying for that domain every single year. And so I don't know, I need to do some cleanup at some point, but unlike me, the listener you're going to hear from today, they've got a highly valuable one on their hands.
I don't think any of mine are worth a lot of money, but they've got a very valuable domain that they registered at some point and they have an offer for it also, which is pretty cool. So should they cash out to the highest bidder or hold out for a better offer? Okay. So I'm wondering, you know, should I sell this valuable domain name or do I just kind of wait and maybe I'll get more money later or maybe I won't. I mean, that's the dilemma, right?
Like how do you know when the right time is to move on from something like this? So their question and my answer coming up in this short action packed episode. First a quick message on behalf of our sponsor. Hi, Chris, this is Jim and I just started listening to the show, really enjoying the stories and helpful content. I have a domain name that's only five letters long.
I don't want to say what it is, but it's pretty good, not amazing, but pretty good. I've never turned it into a website, but I also haven't let it go. Every year I happily pay that $12 renewal fee. Now I'm thinking it's time to cash in through a broker. I'm pretty sure I can earn at least $5,000 for the domain and maybe more.
But am I, am I selling myself short? What if Facebook decides to rename themselves again and they use my domain for just $5,000? Okay, that probably won't happen, but the question remains, should I hold or fold? Thanks for your help. Awesome.
So first of all, congratulations on being in a great place of having this asset. That is exactly what it sounds like it is, it sounds like an asset. I don't think I have any domain that's worth $1,000, at least one that I would sell, let's say, let alone $5,000. So also as for Facebook deciding to rename themselves, too bad you didn't have Metaverse.com when Facebook rebranded. They're probably not going to do that again for a while.
So I tend to think here, there's not a wrong or right answer, but I tend to think if you can get $5,000, you just have to decide, would you rather have that money now or potentially a lot more later if a better opportunity comes along, while recognizing that you get nothing if you hold out and a better offer never arrives. My inclination is to say like, if you're not using this domain, you don't have a real plan for it, it's clearly worth something, but it might not be worth like a huge amount of money, but you can get some real money for it now, I would take it, okay? My advice basically not knowing anything else, and also our listener didn't want to disclose what the domain was, my advice would be to take it. So good luck, let us know how it goes, or if you do decide to hold out and you do end up selling it for a million dollars, let us know that as well. And listeners, if you've got a question or something you're trying to figure out, sidehustleschool.com/questions, I'd love to know what you're working on, some ideas you have, what you're struggling with, how we can help you create more money without quitting your job by using the skills you already have and without going into debt.
That is our mission here. I've got a new episode for you with that in mind coming up every single day, including tomorrow. All right, that's it for now. My name is Chris Guillebeau, this is Side Hustle School. From the Onward Project.
