We haven’t done one of these in awhile! Better Know a Millionaire is back to see if the other 1% really live that differently to the rest of us.
Today we interview millionaire Adam Dicker. Adam made his millions by selling domain names, some for as much as eight figures!
Adam has been in the business for about twenty years and was a VP at Go Daddy for a few years. Adam buys and sells domains that have expired and tries to stay two to three years ahead of trends, particularly in the medical and tech sectors.
You can’t just go and buy a domain name with a trade mark in it. So no, five years ago you would not have been able to purchase Applewatch.com. No need to beat yourself up about that one.
This business takes a lot of research. You have to buy a name that in the future, a business would want to buy.
Like a lot of millionaires, Adam wanted a business that would make passive income. He once went to dinner before replying to an offer and in the space of that dinner, made an additional $50,000 from an anxious buyer. Doesn’t get much more passive than that.
Adam looks at every day like he has to make enough money to pay for food for his family. He may have made $10,000 the previous day, but he forgets that and looks at the current day as an emergency that he needs money for.
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According to Adam, you always have to budget, all of us. It doesn’t matter if you make $10,000 a year or $100,000 a month. If you have no idea what is coming in and what is going out, you might find yourself going broke.
Like nearly all of the millionaires we’ve interviewed, Adam doesn’t live a crazy life of luxury. He would rather watch football on a Sunday afternoon or go to dinner than stay in Five Star hotels across Europe.
So again, we see that your average millionaire is not some jack off you see on TMZ, but just a normal person who knows the importance of living within your means.
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Adam Dicker: Learn to buy and sell domain names.
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Featured Image Photo Credit: “Proudly made in America. Printing 24/7 in USA.” by Miran Rijavec on Flickr