Show me the Money! Think about the residual income streams that could be flowing into your purse

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 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 A few months back I bought an ebook which was completely irrelevant and completely out of date in terms of the figures stated within BUT it was still selling 5 to 10 copies a week on EBay.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 commision 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.
Entrepreneurs - If you can set up a business then you'll be on the fast track to getting your mortgage finished early. Once you have the fundamentals in place, look for ways to automate the cash so you can sick back and look forward to making bank deposits at the end of each month.
Franchise - I'm not a fan of buying a franchise - but how about earning residual income by franchising out your own business idea. Think of the cash Mr. Domino makes every time he sets up a pizza franchise!
Investors - high yielding shares can give a tremendous residual income. Look for IPOs - one man I know lives from the dividends he receives from shares in the UK utilities privatised in the 80s.
Paint a picture - if you can draw then there are numerous ways to paint some cash into your bank account. Think about drawing a comic strip, contributing artwork to a magazine or even painting people you know.
Write some software - for those more technically minded than myself just one computer script could see the cash flowing in for years to come.
Create a game - whether it be online or a good old fashioned board game, thinking like a child good lead to small payments for a long time to come. Think about Charles Darrow, the inventor of Monopoly.
Invent something - The classic example of a residual income through invention is Percy Shaw the inventor of Cats Eyes. He anecdotally received only 1p for every mile that Cats Eyes were used - however this small residue was enough to ensure that he made millions!
Help a mate - if you're not business minded but your friend or brother is, then consider becoming a partner with them. It's really irrelevant where the money comes from - if you can leverage someone else's hard work then all the better.
Rent out your goods - get a copy of the yellow pages and take a note every firm that rents out something or other. You'll find everything from cement mixers to bouncy castles. Think about what you own that could bve rented out rather than gathering dust in your attic or garage.
Become a landlord - this is the one I love the most. Get a property and find a tenant. Sit back for the next decade and watch as someone else pays the mortgage for you.
Pensions - if you are a senior then your pension is something of a residual income.
Endorse a product - if you are an expert on a subject then ensure you get a commission per sale. Think about Gary Lineker getting paid for crisp sales, or David Beckham getting paid for every LA Galaxy top that is shifted.
Marketing - introduce products to clients on a commission basis
As you can see, there are plenty of different ways of ensuring that small but steady amounts of income enter your bank account each month outside the normal 9to5 routine. Utilising these methods in addition to the practices discussed in Money, Mortgages and Magic mean that paying your mortgage off in 5years or less is nowhere near as difficult as it may first sound.
My name is Ross Taylor and I am committed to helping you feel freedom by paying off your mortgage in the quickest possible time. I have devised a fool proof plan which anyone can use to be mortgage free in 10years! Please visit http://www.uncommonadvice.co.uk to learn more.
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