Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land. (Ecclesiastes 11:2)
In this day and age we don’t know what may happen in the economy. In only one day for any reason everything can take a downturn and cause a chain reaction of events that might not work out good for individuals.
During the global financial crisis in 2008, I worked for a bank and when I heard about all of the banks going under in the US I thought about my position and if my company would be next. Thank God the banking industry in Canada is structured differently than the US. As a our company didn’t take a big a loss as some of the other companies.
Again in 2016, our department released a communication about a restructuring and that 10% of our department would lose their jobs. We saw people in the morning going for coffee and then by the time we got back to our desk, there was someone picking up their stuff. My bosses boss got let go. And everyone in the organization was walking around on egg shells. Again, thank God I make it through that period also.
The point I’m trying to make is this. The days where you are able to work one job, with one company from your twenties up until retirement are over. Companies don’t really show than much loyalty as they used to. For this reason its important to diversify your income streams. Ecclesiastes says that you should have 7 or 8 ventures (streams of revenue) for the reason of not knowing what may happen tomorrow. If you have all your eggs in one basket and the bottom of that basket drops out then you are left with nothing.
After going through the situations that I mentioned above, I decided to create some additional streams of income that were not tied to each other. Aside from your full time job, here are some examples of income streams that you can start.
1. Rental property
3. Other Financial Investments
4. Social media/blogging
5. Affiliate Marketing
6. Side hustle (legal)
Of course, you may see little return from these additional streams of income in the beginning, however, if all of the additional streams are giving you $100 – $200 dollars a month, then that could be an additional $1000 in your pocket each month on top of your full time job.
If anything happens to your main source of income, then all you need to do is focus that time into another one of your streams to make that generate more money for you. I’ll talk more about how to create other streams of income in a later article.
The bible gives us practical wisdom that can be used in every situation. This is just one example of how the bible instructs us to diversify or income streams so that we can prepare for the days of plenty and the days of not so much. If you have any other suggestions for different income streams, please feel free to share them in the comments. Be blessed and make it happen today!