This. One tip I might have learnt from here is to renew a domain for the maximum allowed period (usually 10 years), and then make it a habit to renew it once a year, back to the full ~10 years.

Hmm, let's look at how feasible this is.

Namecheap is quite a popular place to buy domains, isn't it?

(myname).xyz - 10 years - £85.29 / $110.15

(myname).com - 10 years - £69.87 / $90.24

(myname).net - 10 years - £98.40 / $127.08

In a world where many people are not able to afford food for themselves[0][1], this is hardly an alternative. At minimum wage ($7.25[2]), a single domain name would take about half a month to earn, assuming you have no other outgoings, which is very likely not the case.

What coherent person would do that?

[0]: https://eu.usatoday.com/story/opinion/2020/10/01/how-confron...

[1]: https://www.nytimes.com/interactive/2020/09/02/magazine/food...

[2]: https://www.epi.org/blog/millions-of-workers-are-paid-less-t...