Key To Early Retirement In Ecuador: 1st Attempt Passive Income

My mom worked for 30 years in the USA as a school teacher, and retired with a few hundred thousand in savings, 2 properties, 1 mortgage, and a $3,000/month pension.

Obviously, I’m not going that route.

But I feel the key to an early retirement is a passive income of at least $3000 a month without it depending on the highly volatile world markets (stocks, bonds, metals).

So this year I’m focused on just that, creating an income of at least $3000 a month passive income (meaning you get it and don’t have to do much of anything)… here in Ecuador.

And I’ll keep you updated on all the wins and losses.

Most entrepreneurs and independently employed lean on rental properties for that income.  I don’t think that is the way to go here in Ecuador because rents are low and tenant laws problematic.

So my focus is going to be primarily on agriculture and Ecuador web-based businesses.

This week I launched my first try at it.  A website for folks who want to rent cars in Quito, Ecuador.

The premise: Rent a cars at the airport are PRICEY, yet the little domestic rent a car places in the city are much cheaper.  So I made a deal with one in the city to deliver and retrieve their cars from the airport here in Quito and I’d make 12% commission on sales I made.  Essentially the idea is to bring the city prices here to the airport  area.  For instance, in the city, the economy cars you can get for $23 a day plus 12% tax (with 60 km).  Same car is about double that in the airport.

The costs: Domain name ($15/yr) built website myself in wordpress (free), signed up for a gmail account and a live chat account (not yet implemented in site) $15/month. That’s it.

The strategy: Once deal was made and site launched I found a bilingual Ecuadorian friend of mine who wants to make extra money who answers the emails and the calls and handles the bookings. The clients deposit to my account, then I split the commissions with him.

Our clients: Mainly Ecuadorians so we don’t have an instant book now feature, most Ecuadorians prefer to email, call, call again and then deposit in bank account to confirm booking.

The sales: In our first week we’ve sold for commissions of $3.60, $22, $20, $32.  Total $77.60.  Not bad for the first week, we’ll see from here how it goes.

One thing I’ve never seen many web gurus talk about are the incredible online opportunities there are in developing countries selling in the local language to locals.  There simply isn’t much decent competition so it is possible to make an impact quickly.

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