Ecclesiastes 11:2 Cast thy bread upon the waters: for thou shalt find it after many days. Give a portion to seven, and also to eight; for thou knowest not what evil shall be upon the earth.
One lesson that can be learnt from the ongoing pandemic is the need to have multiple income streams. That was the message being communicated by Solomon in Ecclesiastes 11:2 when he said “give a portion to seven (7) and also to eight (8). It was not just talk for Solomon; he lived it. In addition to his wages as King and flocks that he owned, according to 1 Kings 10:22 he sent out ships every 3 years to trade in five (5) different items; gold, silver, ivory, apes, and peacocks. Not only has Solomon set a good example for us, you should know multiple income streams is a habit of the rich. Tom Corley, author of ‘Rich Habits, studied the habits of millionaires during a five-year study and found the following:
- 65% of self-made millionaires had three streams of income.
- 45% of self-made millionaires had four streams of income.
- 29% of self-made millionaires had five or more streams of income
In a separate study by the IRS the typical 7 income streams of millionaires include:
- Investment income (capital gains and dividend income from stocks)
- Salaries & Wages
- Royalty Income
- Share of profits from businesses they own
- Rental income from real estate
- Interest income
The reason put forward by Solomon for setting up multiple income streams was not necessarily for the purpose of creating wealth, although that could be an outcome. The reason he put forward why multiple streams of income is important was stated in Ecclesiastes 11:3, he said “for thou knowest not what evil shall be upon the earth.” What Solomon was saying was the main benefit of multiple income streams is that it acts as an insurance protection against income loss. While multiple income streams is important, ensure that you “stay in your lane” as stepping into territory that you are not knowledgeable about can create losses.
Life Application: Seek God’s direction as you plan, prepare and execute the mission to expand your streams of income.
Prayer: Dear Lord, give me the wisdom to create wealth. Open windows and doors of opportunities to create multiple streams of income. In Jesus name, amen.