Updated: Dec 18, 2021
I have several businesses and brands that produce my revenue. I also have some books on Amazon and online courses that sell without me having to do much.
A few years back I learned something important in business: Don’t have all your eggs in one basket.
My company’s revenue was 90% dependent on nightclubs, bars, and lounges. When I decided to leave the nightlife altogether, my entire paycheck left with it. I had to start over from scratch.
It’s good for us entrepreneurs to stay focused to develop roots in our businesses, but we also need to understand the most important rule of Money Management – Diversification.
Don’t take my word for it.
"Give a portion to seven, or even [divide it] to eight, for you do not know what misfortune may occur on the earth."(Ecclesiastes 11:2)
Solomon, the wisest man to ever live, said it himself – diversify 7…no, even eight different ways!
We Godpreneurs can receive three types of income:
Portfolio – Income from investing in the stock market or having a 401K
Passive – Cash coming in from rental properties or the sales of a book or online course
Active – Money we work for like providing a service or selling products in our businesses
You are likely earning an active income. Some of you are earning passive income. Fewer of you are earning portfolio income. But the Bible says you need to be involved in all of them.
Personally, here is what I have going on so you can learn from:
My Portfolio Income
I don't have any of my money in stock market portfolios, bitcoin, or a 401K. My personal preference is to invest in my own companies and ideas. Therefore, I have a portfolio of brands that I invest my time, money, and resources into. I'm creating my own portfolio of companies to invest in.
My Passive Income
I have a company I started back in 2018 called www.vaLocator.com. It's a virtual assistant staffing agency. I started the company, then hired a CEO to replace me. I get on a call once a week to go over branding ideas and I'm a primary driver of business through referrals. And at the end of every month and 4 times a year, I receive passive income from this venture. I'm not involved in the day-to-day operations.
I also have this Godpreneur Academy. People buy my business Bible studies and business courses. That's passive income I receive from creating a product once and being able to sell it many times over.
My Active Income
I'm very active in my business at the beginning. I start businesses with the goal of turning them into passive investments. I add them to my portfolio of businesses. However, from its inception until I can hand it off, I'm very active and I pay myself a salary during those times. In this case, I receive active income.
God is overseeing the way we manage the money and funds he sends our way, as long as we manage these correctly, he will bless us with more. As Godpreneurs we must prove to Him that we can have the ability to manage money. I hope this post provided you with the insight you needed to develop a better sense of money management, God’s way.
Continuing to learn how to find the perfect balance between money management and God’s blessings is key in order to make money the RIGHT way. Don't stop at this post. Keep going. Every time you feel there’s not enough money coming in, it’s probably because you haven’t been managing it correctly. God is testing you and your ability to please Him, only this way will you hit your goals.
Here are some other studies you can take inside of the Godpreneur Academy about money:
Leave a testimonial below on how this post has helped you out.
Praying for your success in money management moving forward!
The 19 Rules of Money Management for Christian Entrepreneurs
This course will help you develop a better sense of money management, God’s way.