1. Generating Income

Unless you encounter the good fortune of inheriting money, property, or other assets to fast-track your journey to wealth, savings and investments from your income are the two principal strategies that can make you wealthy. That income can be earned in two main ways:

• Active or earned income: such as wages, salaries, tips, commissions e.tc which usually involves a degree of exertion to generate.
• Passive income: Money is received in exchange for little ongoing effort. You may have to do some work to set it up but after that, it needs less attention.