A woman has revealed her debt-free journey after owing the bank over £440,000 and now uses side hustles to remain financially free.
Growing up, Laurie Hutcheson wasn’t taught basic money management skills, and after getting a credit card in her teens, she quickly “went off the rails”.
The 51-year-old, who wanted to try her hand at property investment, purchased multiple homes, along with her husband, totalling $500,000 (USD) (£392,000) in mortgages.
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When the recession hit, she was left over half a million dollars in debt and had to file for bankruptcy, before finding herself in a worrying position again 10 years later.
Desperate for a way out, she sold many of her precious belongings but found the real money maker 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 What’s The Jam.
“I’ll probably always have one.
“There’s no shame in the game – as long as it’s legal.
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“[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.
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“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, US, grew up “broke” and tried out different frugal and thrifty tricks to make money stretch.
But after getting her first credit card, every dollar was spent, with nothing left for savings or emergencies.
As a result, the debt was never paid off.
After the 2008 recession, though, where she lost her job and her husband’s hours were cut, as well as finding difficulty selling off their homes, they owed the bank over $560,000 (USD) (£440,000).
She said: “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 good decade out of bankruptcy, we had amassed debt again and it started to freak me out.
“I didn’t want to fall down the rabbit hole.”
Laurie had racked up $10,000 (USD) (£7,800) on credit cards, but this amount was enough to be a red flag.
In a bid to get her finances in order for good, she researched money experts and their advice, with changing mindsets as the biggest factor.
She took action and sold roses at bars and concerts, continued on with property investing alongside her day job and hosted gold parties, where people sold off their junk gold.
Laurie even started a party mascot business, delivered food and of course, flogged her underwear to the highest bidder.
Overall, she made in excess of $80,000 (USD) (£62,000) from her side hustle stints alone.
Now, her attitude toward spending money has changed completely.
She’s sharing her story to urge people in a similar situation to try out any and all cash making methods, no matter how unusual.
Laurie added: “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.”
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