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make ends meet, but will not lead to more wealth. The problem is that it monopolizes your time, and keeps you from finding opportunities to become independent. Becoming a consultant, freelancing, marketing hobby skills, or even performing odd jobs gives you more control of your time, and puts you in business for yourself.

- Passive income is money that comes in on a regular basis which requires little or no effort. A few examples of this are rental income, music or publishing royalties, dividends and interest income from investments, money from trusts, and pensions.

- Residual income is money earned from providing a good or service once and getting paid for it continually, or by earning from the efforts of others. For instance, an insurance agent can sell a life insurance policy and earn income from it as long as the premiums continue to be paid. Or, people who participate in multi-level marketing who get paid from the sales of their down line.

The path to becoming a millionaire is paved with hard work and dedication. It does not come handed on a silver platter for those not born into wealth. But can be achieved be implementing a solid game, and following through on your commitment to it. By taking a personal assessment and developing the right mind set, we can get a good understanding of where we currently are, and better prepare ourselves for the journey toward our objectives. Anything less is unacceptable.

Learn more about this author, Terry Marsh.
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