Passive Income - Part 3 of 6 - Royalties or Licenses

Welcome back to the discussion on Passive Income.

This time we are going to talk about Royalties or Licenses

Royalties or Licenses are a great way to earn residual income.

Authors do research and write a book. After editing, publishing and some promotion they get paid every time a book is sold. The author could stop by NBC Morning Show to have a chat or go on a book signing tour. But you get the idea. The author did the work in the beginning, then slacked off at the end yet still earns passive income.

Photographers do this with their photos. I used to take pictures all the time. Life got busy and I slowed down. Now with digital photography I am back at it again. To sell my pictures in passive mode all I have to do is register with a stock photo agency and upload my pictures. Each time someone uses one of my pictures I get a royalty or they can buy a license (various levels).

Other areas that fit in the Royalties & Licenses section are Inventors, Songwriters, Screenplay Writers, Actors, Game Designers and Software Developers.

As you can see this is a great stream of income to add to your portfolio. What skills do you have that you can benefit from on a Royalty or License basis?

Part Four will be online Monday. If you didn't start from the beginning, here is a link to Part One

Take Care,

Michael