Bankruptcy And The Get Rich Quick Mentality

Bankruptcy And The Get Rich Quick Mentality

By |March 28th, 2013|

after bankruptcy get rich quickYou’ve got more time than you think you do.

When you come out of bankruptcy, you’ve got this burning desire to run.

Get a house, buy a car, live large. Now now now.

I get it – you’ve been shackled to your bills for so long that you feel the need to fly high and fast, like some kid who’s just been given the keys to a new Camaro after being relegated to a 10-speed for his entire life.

But I’m here to tell you that flooring the gas is a stupid move.

You Didn’t Go Bankrupt Overnight

Most of my clients tell me that their credit cards got overextended little by little, the mortgage fell behind over the course of months, and the savings ran out drip by drip.

If you didn’t go broke all at once, what makes you think you can climb to the top of the economic heap in a single bound?

Slow And Steady Wins Over Mario Andretti

Hey, Mario’s awesome – but he trained for years before he won his first race. If you’re a financial professional who fell into debt overnight because of some enormous, unforeseen situation that’s one thing. But more likely, you’re a normal person who’s just looking to make his or her life a better one.

Take the time to build your savings, steady your financial situation and create a foundation upon which to build. It’s more like to stand the test of time.

Explosive Growth Leads To Explosions

Ask any entrepreneur about the heady days of explosive growth, and you’ll likely hear the same story. It was awesome, it was fast, then it was over life a weekend in Vegas. Left with a hangover, you feel worse than you have in a long time.

Rather than taking the chance of flaming out, take some time to assess your situation and plan your next move.

Do You Really Want To Be My Client AGAIN?

I take no offense at the fact that nobody wants to be my client. I’m like an oral surgeon – you come to me when the pain is too intense and you’ve got no other options. The best I can do is solve the problem with as little pain as possible.

But if you run into money problems again, you’re going to come back to me. That’s not a place you want to be. And as much as I may like you, I’d prefer to catch up with an occasional phone call or email rather than by seeing you with me in court.

Featured image courtesy of Ungaio.

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About the Author:

I've been a consumer protection lawyer since 1995, working to help people end their bill problems. I'm a faculty member at the Student Loan Law Workshop, a nationally recognized speaker, and a long-time member of both the National Association of Consumer Bankruptcy Attorneys and National Association of Consumer Advocates.