A woman has shared her remarkable journey to financial freedom after overcoming a debt of over £440,000, now sustaining her independence through various side hustles.
Growing up without basic money management skills, Laurie Hutcheson found herself in financial trouble after getting a credit card as a teenager.
The 51-year-old and her husband ventured into property investment, purchasing multiple homes totaling $500,000 (USD) (£392,000) in mortgages.
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When the recession hit, they were left over half a million dollars in debt and had to file for bankruptcy, only to face financial difficulties again 10 years later.
Desperate for a solution, Laurie sold many of her belongings and found success with side hustles, including selling her used underwear, earning over an estimated $80,000 (USD) (£62,000). “I paid off my debt fairly quickly, in less than a year, but I’m permanently addicted to side hustles,”
Laurie, a realtor, told Absolutely Business. “I’ll probably always have one. There’s no shame in the game – as long as it’s legal.”
She recounted how she was inspired by stories of others making substantial incomes through unconventional means. “[I saw] stories about a woman making $60,000 a year by selling her used underwear. I thought: ‘I have used underwear, I could do that’ and I sold some. [The] starting price of used underwear was $30 per pair, then there were some add-ons which could be requested – but that’s gross to go into.
I only made [around] $150 selling underwear. [I was concerned] about anonymity, because my sons would be horrified if their friends found out I was doing that. Clearly that cat is out of the bag.”
Laurie, from Iowa, grew up “broke” and often tried different frugal tricks to make ends meet. However, after getting her first credit card, she spent every dollar without saving for emergencies, which left her debt unpaid.
After the 2008 recession, she lost her job, her husband’s hours were cut, and they struggled to sell their homes, leading to over $560,000 (USD) (£440,000) in debt. “The properties went back to the bank since the real estate market completely tanked. The bankruptcy was inevitable, even though I did everything to try and avoid it.
[I even] cashed out $60,000 from a retirement account. I didn’t know that in bankruptcy, you are allowed to keep your retirement savings and that [amount] would be about $500,000 today. Clearly that was a colossal financial mistake.”
A decade after bankruptcy, Laurie accumulated $10,000 (USD) (£7,800) on credit cards, which alarmed her. Determined to avoid another financial crisis, she researched money experts and adopted new strategies.
She sold roses at bars and concerts, continued property investing, hosted gold parties, started a party mascot business, delivered food, and of course, sold her used underwear. Overall, her side hustles earned her in excess of $80,000 (USD) (£62,000).
Laurie’s perspective on spending has dramatically shifted. She now encourages others in similar situations to explore all potential income sources, no matter how unusual. “It’s not about how much you earn, but how you spend it.
At the end of the day, spend your money on things that will make memories and what truly makes you happy. Don’t waste money on crap that you will be selling in two years. I do still have a credit card for airline miles, but I don’t use it for day-to-day spending.
There are ways to make money doing literally anything. [Try] minor handyman services, such as changing light fixtures, repairing a fence or painting. There is always a demand for something to do at kids’ parties, such as foam machines or dressing up as a mascot. But with reselling, you can start making money right away. Pick something that interests you and maximise Facebook Marketplace.”
Laurie’s journey is a powerful example of resilience and creativity in achieving financial stability.
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