Ibn al-Qayyim said:

‘Every Muslim should be warned of the oppression of: ‘I – My/Mine – I Possess’

Indeed these three words are what Iblees (Shaytan), Fir’awn and Qaroon were tried with.

Iblees said: ‘I am better than him’

Fir’awn said: ‘Is not mine the Kingdom of Egypt,’

Qaroon said: ‘This has been given to me only because of knowledge I possess.’

So regarding the saying of the Slave of Allaah ‘I’ –

then the best that he can be described with is: I am a slave who sins, makes mistakes, seeks forgiveness and recognizes this.

So regarding the saying of ‘My/Mine’ – and those statements similar to that is:

My sins, my crimes, my humbleness, my depravation and submissiveness.

So regarding the saying of ‘I Possess’:

Forgive me for my mistakes and what I do intentionally, in jest, or in seriousness and I possess all these shortcomings.

[Taken from ‘Za’ad al-Ma’aad’ 2/475 – By Ibn al-Qayyim Al-Jawzee yah Translated by Abbas Abu Yahya]