November 18; A Bra Buy Gone Bad For Good
MANAGEMENT BY THE BOOK:
365 Daily Bible Verse &
One-Minute Management Lessons For The Busy Faithful

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18 November

Let no debt remain outstanding,
except the continuing debt to love one another,
for whoever loves others has fulfilled the law.

Romans 13:8

A Bra Buy Gone Bad For Good

Debt

Sophia’s parents had to cut up their credit cards at a financial counselor’s office. Broke, her parents then had to pull out of Catholic school.
Years later, the same tragedy followed Sophia. Her personal credit was ruined. She couldn’t get a loan. She explains,

I was nineteen and at the mall buying a bra at Victoria’s Secret because while it’s possible to dumpster-dive for food and trawl the Salvation Army for clothes, even a freegan knows to invest in new underwear.

At the register, the salesperson asked me if I wanted to sign up for a Victoria’s Secret card and I said yes. I thought I was signing up for a rewards program, where I’d earn points toward a free bra or something.

What I failed to realize at that moment was that I had unknowingly been bestowed my very first credit card. Because I moved so much, I rarely had a steady address, causing bills to miss me as I jumped from state to state.

By the time my $28 lingerie charge caught up with me, my credit was wrecked, and I had learned the hard way that you can ruin your credit in one seemingly responsible afternoon, but rebuilding it takes years. (Amoruso 2014)

But Sophia started a business and worked hard. Her process was so profitable and conservative (!) that she was able to grow her company without borrowing. The experts and journalists took note. She says that,

…I built the company with no debt, because that’s a pretty unusual feat in the business world.

And yes, once I finally got a job and started working for my money, I was extremely responsible with it.

But what these stories usually leave out is that it wasn’t by choice that I built the company debt-free. It simply wasn’t an option, because no one would even give me a credit card, never mind a business loan.

This was frustrating; however, it was also a blessing in disguise. As I had no financial cushion to support me while the business ramped up, I had to bust my [backside] and make it profitable from day one. (Amoruso 2014-05-06)

Her experience can help anyone growing into adulthood. In days past, turning 18 or getting a driver’s license meant emancipation. Today’s right of passage is, sadly, being issued an unsecured credit card. Sophia warns,

…credit is not something you can ignore…Like my A-cup bra did for me, it is the little things that can and will wreck your credit. As distasteful as it may seem when you’re busy plotting to take over the world, it’s equally important to stay on top of your bills.
Parking tickets can end up costing you thousands of dollars and court dates. You could suddenly find the apartment of your dreams only to be denied because of that [darn] Target card you signed up for and forgot about while buying a mop…Pay up, and pay on time. (Amoruso 2014)

Author Simon Sinek, writes, “If everything goes right, we get a good experience. If everything goes wrong, we get a good story.” We get it all from Sophia’s example. She started her on-line company and,

In the end…I grew Nasty Gal to $28 million in revenue without borrowing a dime. (Amoruso 2014)

These days Sophia Amoruso employs some 300 employees at Nasty Gal. And generates some $100 million in sales.

Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law. Romans 13:8

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Updated on 18 November 2015

Amoruso, Sophia (2014-05-06). #GIRLBOSS (pp. 104-105). Penguin Group US. Kindle Edition.

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