Once again, I turned to Google and performed a search on: “the seven deadly sins: pride.” If you would like to read a complete study on pride from the “New World Encyclopedia,” click on this link: http://www.newworldencyclopedia.org/entry/Seven_Deadly_Sins. However, the purpose of this blog entry is not to educate you on the technical subject of “pride” or even the Christian punishment for committing this capital or mortal sin. Instead, I am writing this to inform you on how damaging “pride” can be in regards to your attempts to unlock your potential.
As I stated previously, I decided to clean my financial mess by claiming bankruptcy a few years ago. This is not (in no way, shape, or form) a sin. Here are a couple of quotes taken directly from U.S. Supreme Court cases: 1) “It is the purpose of the bankrupt act…to relieve the honest debtor from the weight of oppressive indebtedness, and permit him to start afresh free from the obligations and responsibilities consequent upon business misfortunes.” U.S. Supreme Court (Year 1915 – the oldest one I could find). And 2) “One of the primary purposes of the Bankruptcy Act is to ‘relieve the honest debtor from the weight of oppressive indebtedness, and permit him to start a fresh free from the obligations and responsibilities consequent upon business misfortunes’. This purpose of the act has been again and again emphasized by the courts as being of public as well as private interest, in that it gives to the honest but unfortunate debtor…, a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of pre-existing debt.” (Year 1934 – the one that, in my opinion, is best stated and most complete).
My sin of pride was more in the form of not seeking assistance before inflicting all this damage upon myself. I made multiple attempts at salvaging my real estate investments, sinking good money after bad. I accomplished this task by: pulling money out of my retirement account (paying early withdrawal penalty after penalty); and using my personal residence to finance my deals. I was adamant about not asking for help from anyone. I thought I knew what was best. I consider myself to be very independent and can get myself out of any fix that I got myself into. Boy was I a jerk!
Nevertheless, I did learn a valuable lesson. “Never let PRIDE get in the way. ASK FOR ASSISTANCE!” I could have prolonged my torture by using “other people’s money” to get the creditors off my backside. This would have been a sin because there was no way to save the properties from foreclosure unless I could borrow enough to satisfy the current loans from someone who didn’t mind waiting for the market to turn. I also could have gone to people with more experience in real estate investments – especially wise if I performed this task before I jumped in with both feet. Finally, I should have done my homework and carried out a more extensive form of “due diligence.”
Still, there is hope for me. As I said, I gained a powerful insight into the world of real estate investing and (more importantly) the relief of financial distress. If there is any one thing that I can convey is that a person will agonize over a decision yet, once a decision is made, the weight of the world will be removed. Many people have triumphantly achieved a “Divine Do-Over” and turned what once was defined as a tragedy into a “miracle” of success. (How many times has Donald Trump claimed bankruptcy?) I can honestly say that I have turned the corner and am moving in a forward direction. There is a light at the end of the tunnel. And NO, it is not a train. Build your “persistent” muscle and never-ever give up. If you would like to benefit from my experience – contact me. Remember my favorite Eleanor Roosevelt quote: “Learn from other’s mistakes. You will never live long enough to make them all yourself.”