Building passive income

You've probably heard the phrase, make money in your sleep.…Doesn't it sound wonderful?…The idea behind it is that you can have an income even when you're not actively working.…As a freelancer there are a few ways you can develop such so-called passive income.…All require an initial investment of time followed by slow earnings.…However, those earnings can go on for years ultimately adding up to more than…you would have made by selling those initial hours to a client.…The first type of income is one I know and love well. Royalties.…

These are most common among book authors although actors and some other kinds of…creative artists also have forms of royalty income.…Here is how they work.…The author agrees to write a book in exchange for royalties rather than a set…payment of say, $10,000.…Let's say the author earns $2.00 per book sold.…The publisher usually provides an advance payment against those royalties,…let's' say it's $4,000.…Then the book starts selling.…The author earns nothing for the first 2 ,000 copy sold, because those royalties…