What does Psalm 16:5 mean?
David rejoices in his relationship with the Lord. As used in the Old Testament, references to a "portion" implied sharing in something. It also suggested that with which a person was gifted, or allotted, either in life or some other situation (Ecclesiastes 9:9). To say that God is one's "portion" is to celebrate being part of the family of God (Galatians 4:5; 1 John 3:1). Similar symbolism comes in the concept of a "cup;" this can also refer to something a person has been assigned or allotted, for good or for bad (Matthew 20:22; 26:39).The Levites were the tribe who received no land in Canaan but were honored with priestly duties. Their "portion" was God: "You shall have no inheritance in their land, neither shall you have any portion among them. I am your portion and your inheritance among the people of Israel" (Numbers 18:20). This idea is part of the reference to "lines" in the following verse (Psalm 16:6). Likewise, David's most valuable inheritance was his relationship with the Lord. God is all David needs. In Psalm 23:1, David confesses, "The LORD is my shepherd; I shall not want."
Psalm 73 reveals how Asaph wondered why the wicked prospered, but he didn't (Psalm 73:2–3). However, he learned to see matters from the Lord's perspective and concluded, "Whom have I in heaven but you? And there is nothing on earth that I desire besides you [the Lord]" (Psalm 73:25). The believer whose attitude matches that of David and Asaph enjoys true riches and perfect peace (1 Timothy 6:6).