Hang in there, you'll get it.
Usually if people buy the same name with two different extensions (.com and .net for example) they build content on one and use the other to redirect it and keep others from taking it.
For example 2createawebsite.com is my main site but I also own 2createawebsite.net Type that into your browser and see it redirects to my main site. The .net version is not hosted anywhere. It's just parked at my registrar so I don't pay any hosting for that domain.
So when you sign up with Hostgator you choose one domain to build your content on. The other domain you'll just setup to redirect to your main site. So let's say you register both names at godaddy.com. I believe they have free forwarding so you would just setup the .net to forward to the .com and then you'd host your .com site with Hostgator. So you're only building content on one domain. The other is just for redirect purposes.
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