5 money lessons from LuLaRich: Disaster lurks in every pyramid scheme even in fashion industry
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The docu series ‘LuLaRoe documentary’, on Amazon Prime Video, will show you how pyramid schemes blinded many women with promises of big bucks and illusory living, compelling them to invest their life savings in stocks of clothing.
This docu series on Amazon Prime Video about leggings will blow your mind.
The message came through social media, or from emails from long lost friends, or a conversation you started at a mall because you saw someone wear a really cool outfit and appreciated it. And then you went down the rabbit hole because you were blinded by the promise of big bucks.
LuLaRoe is a women’s fashion clothing company started by DeAnne Brady and her husband Mark Stidham in 2012. It is named after Brady’s three grandchildren:Lucy, Lola, and Monroe.
Before you go, ‘Aww, so cute!’ understand that this really cool reality show style docu series has many red flags for you and your money.
An ingenious idea that worked… Up to a point
Imagine buying a design that only 999 other women will own, with the design split into 20 different styles of dresses, leggings, shorts, skirts and tees! The chances of you bumping into another person in your city wearing leggings of the same design are practically zero!
Now imagine the exclusivity: you cannot buy the clothes off any rack. You have to buy it through a consultant. A clothes consultant that helps you find the right size and fit without judging you is a friend worth having! Plus they tell you about new designs that you will love, and they would be right!
In fact, friends who bought leggings from LuLaRoe believed that they were made from unicorn hair because no matter what size you were, they seemed to fit as if they were made to order!
But where did this ‘perfect clothing’ idea go wrong? Consultants were made to believe that they would sell all their inventory and more! To become a consultant, each woman would need to invest $5,000 to $10,000. And the company made you believe that you could sell everything!
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