The Hero's Journey

Ordinary World: Frodo is from the Shire, a green, peaceful, and plentiful place. Everyone is happy and carefree. He lives with his uncle, Bilbo Baggins. They are preparing for his uncle's birthday. They are partiers. "Go on Sam, ask Rosie for a dance."
Call to Adventure: The ring Bilbo gave Frodo is really the evil ring forged by Sauron. "One ring to rule them all, one ring to find them, one ring to bring them all and in the darkness bind them."
Meeting with the Mentor: Gandalf tells Frodo that he needs to take the ring out of the Shire. "But it cannot stay in the Shire." When they're in the Mines of Moria, Gandalf gives council to Frodo. "So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us."
Crossing the Threshold: Frodo and Sam take the ring away. "If I take one more step, I'll be the farthest away from home I've ever been."
Tests, Allies, Enemies: The ring wraiths a following Frodo, and throughout the journey they have multiple encounters. Frodo and the fellowship is made, and they face many trials. Frodo and sam split from the group and travel on their own. They confront Gollum and he becomes their guide. They endure hunger and fatigue. They just keep going and enduring. "What are we holding onto Sam?" "That there’s some good in this world, Mr. Frodo. And it’s worth fighting for."
Approach: When Frodo and Sam are at the ends of their energy on the volcano, Sam rallies morale, and helps Frodo to the end. "Come on Mr. Frodo. I can't carry it for you! But I can carry you! Come on!"
Ordeal: Frodo succumbs to the ring's temptation, and loses himself. Frodo then fights with Gollum, and the ring is destroyed.
Reward: Sauron is destroyed. Sam and Frodo are saved.
The Road Back: Frodo wakes up in Rivendell and sees the fellowship members again. Frodo, Sam, Merry, and Pippin all go back to the Shire.
Resurrection: Frodo is thought dead after Shelob's lair, but he is alive.
Return with Elixir: After Sauron is destroyed, peace returns to the land.