Steve Sy is the founder and CEO of Great Deals E-Commerce Corp., a leading e-commerce provider in the Philippines. This is an excerpt from his new book From Great Debt to Great Deals: How I Built the Fastest-Growing Company in Asia Pacific. We are publishing this excerpt with his kind permission.
Greed, when not addressed properly, can destroy our future in a way that can discredit our integrity and strain our relationships with others.
I learned my life’s lesson on greed the hard way. And when I say hard, I mean that it robbed me of my peace of mind, damaged my relationships with some people who trusted me, and put me in a position where I needed to humble myself and admit my mistake. Just when I thought I was in control of things was the time things got out of control. The irony was a hard pill to swallow: just when I thought I was in control, everything fell apart, testing my character, faith, and resolve.
I am sharing this personal experience because I want people to understand that everything is not about money and getting rich. Most of the time, life is about being grateful for what we already have, being content with all the blessings that God gives us, and using these same blessings to glorify God.
Back in 2002, I was offered an investment opportunity by someone I knew from church and it involved a whopping 20 million pesos. Seeing that the opportunity was going to be a game-changer for me and my investment goals, I grabbed the opportunity. The problem was, I didn’t have that money. But because I truly believed such an opportunity only comes at least once in a lifetime, I looked for people who would invest in my venture. I asked members of my family and friends to fund my investment with a promise that I would return their money.
I was excited and eager to make it happen. I was confident that it would work and it would give me the leverage to grow what little wealth I had back then. It was an opportunity worth every risk I was capable of taking and I dove right into it without hesitation.
I was naive and greedy, thinking I was already smart enough. I believed in the investment opportunity and handed over the money to my friend. It was supposed to be an offshore banking investment in Turkey, where I would lend money to a company and earn interest.
Unfortunately, the investment went south. It didn't happen as he promised. He eventually told me he couldn't return the money anymore and disappeared from the Philippines, leaving me buried in 20 million pesos of debt, which was around $400,000 at that time.
As can be expected, I panicked. Every bit of survival instinct in my body automatically activated and I borrowed money again, which was very risky, in order to pay off loans. I also went into high risk investments hoping to generate returns that I can use to pay people, but these, too, failed. If you are a businessman like me, you would see right away that I was treading on thin ice and I was about to fall into an abyss.
Unfortunately for me, my strategy was no help at all. I sank deeper into debt and realized that I had to stop myself before things got much worse. At that time, I was talking to around 20 people who kept calling me, asking when I would repay them. The stress was immense and I would not dare wish it for anyone at all. Every day, I received calls asking when I would pay back the debt.
As you can imagine, incessant phone calls from people who trusted me enough to loan me their hard-earned money weighed heavily on me. I wanted to give their money back. But how could I as I already felt like I was sinking in quicksand? The more I received calls, the more desperate I became to borrow some more so I could pay them off little by little.
I was looking for a way out, for answers to my predicament. My harsh realization stayed with me until today. The main issue was my greed. I wanted to get rich quickly, so I took other people's money and ended up with mounting debt. I had no one else to blame but myself.
Did I get angry at the person who encouraged me to invest? At that time, yes, of course. Any person in my position would be fuming mad at what he did. It wasn’t just my money. He also took other people’s money, people whom I convinced to trust me with their money.
In reality, however, it was my fault. I was accountable for my actions and I took responsibility for them. I gave him the money. How could I blame him? It was my foolishness and greed that got me in that dilemma in the first place. This realization alone pushed me to forgive that person and release my anger. I would not be effective in solving the problem if I stayed angry at him.
I prayed for grace and taught myself to see my situation as an experience I could draw a lot of lessons from. I had to go through it for a reason. Even before everything went downhill, I knew there would be financial struggles.
I just didn’t expect it would be to the tune of P32 million. The lessons I learned from that experience alone were invaluable. But if you really insist on assigning value to it, let's just say those life lessons were all worth P32 million.
Nonetheless, they were the perfect preparation for the life that lay ahead of me. God was preparing me for something bigger than my personal aspirations in life and I came to understand that I had to be ready for it.
3 Lifelong Lessons I Got from Being in Debt
1| Never get into something you don't fully understand.
Reports reveal that the Philippines has become a haven for scammers in the past few years. Most Filipinos, especially those who have been struggling financially for the most part of their lives, dream of a better, more comfortable, and abundant life. Who wouldn’t? The irony, though, is not many are willing to do what it takes to be able to live comfortably. Many want the easy way to become rich.
Take it from me. Don’t go into something blindly, especially if it promises fast and easy returns. Do your research and always fact-check to avoid being scammed.
2| Never invest just because you trust someone. The people closest to you can hurt you the most.
Investing in something necessitates so much more than just trust. It requires discernment, careful attention to details, and a thorough background check, among others. We have seen time and time again how even the closest people to us can take advantage of our desire to grow our wealth. I most certainly know what that is like.
Always be cautious and do not be in a hurry. When someone pressures you and tells you that the window of opportunity will only be available for a short period of time, leaving you very little room to do your research, it is most likely dubious. Take your time and study your options carefully.
3| Never allow greed to be the decision-maker.
Success is not a competition. You can get there at your own pace. Avoid comparing yourself to others as this will only fan dangerous attitudes towards success, greed being one of them. Seek God in everything that you do. Seek clarity and wisdom so that you will not go into something that God did not intend for you. Be guided by mentors who can help you weigh possibilities so you will not be driven by your own desires only.
At the end of the day, what is truly meant for you will come to pass in God’s own time.
Steve Sy poses with the cover of his book
My Reality Check
This season of my life forced me to humble myself and accept that I have failed tremendously. I was neck-deep in overwhelming debt and I barely knew how to start paying off my loans to various family and friends. I felt sorry for myself and ashamed of what I have done.
In reality, my father could have paid off my debt by selling some of his assets. But I knew if he did that, I wouldn't learn my lesson. It was important for me to own up to my mistake, rise up from a fall, and start all over again armed with priceless lessons that will serve as my guide as I navigate through life anew.
I spoke to my pastor, Pastor Peter Tan-Chi, and confessed. "Pastor Peter, I made a wrong investment because I wanted to get rich quick. I borrowed money from different people and now I can't pay them back,” I told him with a trembling voice.
"If it takes you forever to pay, pay it,” he answered. With a heavy heart, I replied, "Yes, pastor. Even if it takes me a lifetime, I'll do it."
This was a bitter pill to swallow. The Lord was teaching me something about my heart. But this lesson was major for me because it changed my lifestyle and how I see things. Having the right perspective makes a huge difference indeed. I could have easily run to my father and pleaded with him to pay off my debts, and he would have helped me right away. But, to be honest, that was not the kind of person I wanted to become. I wanted to be the one to clean up my own mess, one day at a time, even if it takes a lifetime.
I was buried in P32 million of debt and I told my loving wife that we will face financial difficulties moving forward.
During those times, I was feeding my children NFA rice, the cheapest kind with many stones in it. I remember watching them eat and feeling a knot in my stomach, knowing this wasn't what I wanted for them. It was a desert experience. I remember lying awake at night, tears streaming down my face as I felt like a failure.
As the head of our home, it was heartbreaking to have to subject my wife and children to such challenges. Through it all, they never complained. Instead, they continued to believe in me, and that was enough motivation for me to keep moving forward no matter how difficult the days got.
One day, my relative came over and said, "Steve, pay your debt." I felt so defeated and said, "Auntie, take whatever you want from the house. I don’t have money to pay you."
All I had of value during that time was a beautiful narra table with a matching chair that I was sitting on. She took the table and chair. I didn't hold any grudges, but it hurt to see my home being stripped like that. Yet again, I found myself swallowing my pride. I just kept on reminding myself that it was all part of the process. I had to go through it to get to the end.
So, I started paying off my debt. Life is tough like that. For the first two to three years, I thought I could manage the day-to-day grind of having to find ways to earn so I could pay my debt. I was determined to do what needed to be done. But as time went on, it became really overwhelming and exhausting. I got depressed and discouraged. It was a constant and daily dying to myself so that I could take the hardships that came along with the process.
It was my reality at that time. There was no other way to get out of it but to go through it. To say that it was hard is an understatement. Those grueling years tested my resolve and faith. I was being shaken left and right and I felt I was never going to get out of it. Or so it seemed.
By the fourth and fifth year of working doubly hard to pay off my debt, I saw my friends with new houses and cars, moving up in life. And there I was, still stuck paying off my debt. Back then, it was so easy to feel sorry for myself.
I had hit rock bottom, and those among you who have got through the same experience know all too well that none of our friends would be glad to join us at the bottom. In hindsight, I could still count myself blessed through those challenging times because of the sincere people who surrounded me. Thanks to my discipleship group, I was constantly receiving encouragement. These made a lot of difference at a time when it was hard to see things from a different perspective.
Those were the toughest times of my adult life, marking the beginning of my desert journey and a reminder that I was still a long way from coming out of it.
Living in the Wilderness: 12 Years in the Desert
It was time to roll up my sleeves and get serious with my plan to start earning again. When there were roadblocks along the way, I found a way around them, all the while keeping my eyes fixed on the goal.
I started from zero and focused on selling insurance because it was the most practical option available, given my lack of capital. Starting with nothing was incredibly challenging. There were days when I felt utterly overwhelmed by the sheer magnitude of what lay ahead. The insurance world was competitive and demanding, often leaving me feeling like a small fish in a vast ocean.
Despite the odds, I achieved recognition as a Million Dollar Round Table (MDRT) member, an honor reserved for the top-tier insurance agents globally. I was earning more than one million pesos annually, a remarkable feat for someone who began with nothing. However, the joy of this achievement was overshadowed by the relentless financial pressure.
A significant portion of my income was consumed by debt repayments each month. The constant struggle to keep up with those payments left me feeling perpetually discouraged and teetering on the brink of depression.
But through it all, I remained faithful and hopeful. Every night, I prayed fervently, "Lord, I know one day I will reach the promised land. I’ve seen it in the Bible, and I've been encouraged by my peers to keep moving forward. Please don’t make me like Moses who wandered for 40 years. Twelve years like Joseph will do."
My faith in God’s extraordinary plans for me never wavered. It was the one true thing that kept me going apart from my family. I was left with no other option but to rely on God’s grace to surpass an overwhelming trial, and He always came through.
Those 12 years in the desert of financial struggle and professional hardship were, in hindsight, a period of divine preparation. Each setback and each moment of despair were stepping stones toward a greater purpose. This process deeply humbled me. I realized I needed to be humbled because I had become proud, thinking I could do everything on my own. This was where I truly understood that apart from God, I am nothing.
God was sharpening me, like a Mongol pencil, shaping and refining my character through those experiences. That humbling process was essential. I came to embrace the truth that I can only do all things through Christ who strengthens me. Sometimes, we need to go through the desert experience to wake up to this reality.
Prior to my failed investment, I was already in the insurance industry. I started as a PruLife UK financial planner in 2000 then became a branch manager for Pacific Plan in 2003 and by 2005 was already one of the top managers. In 2006, I transitioned from Pacific Plan to Generali Life Insurance Philippines, Inc. and established my own insurance agency. I worked tirelessly to grow it.
After persevering through numerous challenges and hardships in the insurance business for 10 years, a pivotal moment arrived – I sold my insurance agency. This monumental decision marked a significant turning point in my life. The sale of my agency allowed me to have enough capital to start different businesses.
I established concept shops called USB World and had physical stores in Glorietta, Cebu, and Bacolod between 2011 to 2015. In 2012, I started selling my products online by joining an e-commerce platform. Much to my surprise, the e-commerce business became pivotal in my journey, which is discussed in detail later on (see Chapter 9 of the book.) November 11, 2014 was a life-changing period for me as I began to grasp the unbelievable potential of e-commerce. To summarize, the different ventures I had done from insurance to business allowed me to pay all of my debt by 2014. The weight of the financial burden that had been crushing my spirit for years was finally lifted. God has seen me through it like He promised.
My Journey to Redemption
With my debts paid off, a new chapter began – my e-commerce journey. This new venture was not just a business opportunity, it was a beacon of hope and potential. The lessons I had learned during those 12 grueling years became the foundation of my new endeavor. The resilience, persistence, and faith that had carried me through the desert now fueled my pursuit of success in e-commerce.
As I embarked on this new path, I felt an overwhelming sense of gratitude. The desert experience had been arduous, but it had also been a period of profound growth and preparation. It had shaped me into the person I needed to be to embrace the extraordinary blessings that lay ahead.
It was in that season that I started to understand why God allowed me to traverse the desert - it is so that I could tell my story one day and encourage people going through the same season to never give up and to just keep on trusting God. It is in the desert where God’s voice is magnified tenfold, even a hundredfold. It is in the desert where many of us will receive clarity if we open our eyes to see and ears to hear.
Today, I can begin to thank God for the years I was in the desert. What I learned along the way will remain with me forever. It is a priceless gift I can pass on to my children and grandchildren someday, something that I hope I can also pass on to you through this book.
So, how about you? What is, or was, your desert experience?
We all have moments in our lives when we feel lost, challenged, and refined by the trials we face. These experiences, as difficult as they are, often prepare us for greater things ahead. Just as it prepared me for the major shift that came in my life, it will do the same for you.
From Great Debt to Great Deals: How I Built the Fastest-Growing Company in Asia Pacific is available now.
