Everyone will have a hobby that they look forward to after work. It might be playing darts at your local, supporting your football team or even something as mundane as watching Coronation Street. It is amazing to think that people often put ten times as much effort into these hobbies as they do their 9 to 5 work. In Mortgages, Money and Magic I show how anyone can pay off their mortgage in 10years or less simply through the channeling of the cash that comes from an average paying job. I espouse free (or at least very cheap) hobbies xoilac for anyone attempting the plan. However, it could be possible to put the plan into fast forward by replacing a “cheap” hobby with an attempt at creating a residual income. In a nutshell, a residual income stream, is an income which will come into your purse on a steady basis irrelevant of any efforts you put in after the initial set-up. Here are 20 ways you could bring in residual income:

Interest – in Mortgages, Money and Magic I discuss ISA saving at length. Recent changes to the rules have made these plans even more attractive.

Write a song – if you have any musical talent at all then pick this as a a hobby. Look at the example of people like Tim Rice, Guy Chambers and Bernie Taupin. People who have all made fortunes from song writing without stepping fully into the spotlight. Think about how much Noddy Holder loves Christmas coming around each year.

Write a book – even the most simple eBook listed on EBay can pay dividends for years to come. A few months back I bought an eBook which was completely irrelevant and completely out of date in terms of the figures stated within BUT it was still selling 5 to 10 copies a week on EBay. Residual income at its best!

Insurance and Securities – in the world of Insurance you are paid a monthly commission after the client has held the policiy for a certain amount of time. For example, I recently sold a client £1million worth of life insurance. Once the client has held that policy for 4years, I will be paid c. £1.50 a month until the policy expires. Not huge sums but when you consider that I write about 30 policies a month you can easily see that it soon mounts up.

Network marketing – I’m sure that any MLM agent will tell you that the real fortunes don’t come from delivering and collecting catalogues but rather by recruiting new agents. Every time the new agents makes a sale you will receive a commission. When your agents recruit you will get a commission from the downline sales ad infinitum.

Actors – if Am Dram is your thing then persevere and go for a biggy! I recall that Paul Hogan earned one of the biggest paychecks ever from his role in Crocodile Dundee; not from his main payment, but rather from a residual commission he took.