SEVEN years ago, Abi Hookway was a broke single mum drowning in £24,000 worth of debt.
Fast forward to today, the 39-year-old has transformed her life, building an £8 million property portfolio and a £10 million business.
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As our first guest on Fabulous’ new Talking Money YouTube series, Abi revealed her days of using a calculator in the supermarket aisle to budget during her weekly food shop are long gone, all thanks to a routine check up at the dentist.
Now, the mum-of-two can afford to spend £800 a month on a housekeeper and has £70,000 in savings.
“I started to get into debt when I was married and had my first baby,” Abi explains.
“I had to put my new baby into full-time childcare, which cost over £1,000 a month, and I still wanted to live, buy him nice things, and do nice things as a family.
“Little by little, it all added up onto credit cards. The problem is, you lie to yourself.
“You feel a lot of guilt and shame when you get into that much debt.”
At the age of 30, Abi had a respectable job as a senior manager at a telecommunications company.
But working 40 hours a week while juggling childcare costs left her in financial turmoil.
“I think you feel a lot of guilt and shame when you get into that much debt,” she says.
[bc_video account_id=”5067014667001″ application_id=”” aspect_ratio=”16:9″ autoplay=”” caption=”I’m an extreme cheapskate mum – I love when it snows as it’s free water for my family to wash in, I renovated my bathroom for £49 too” embed=”in-page” experience_id=”” height=”100%” language_detection=”” max_height=”360px” max_width=”640px” min_width=”0px” mute=”” padding_top=”56%” picture_in_picture=”” player_id=”default” playlist_id=”” playsinline=”” sizing=”responsive” video_id=”6366831389112″ video_ids=”” width=”640px”]“I had a good job managing budgets and staff, so to be in debt felt stupid. I had nothing to show for it.”
Living in a rented two-bedroom terrace house in Doncaster, Abi endured sleepless nights worrying about how she would support her son, Thomas, then five, and her daughter, Ellie, two.
She was consumed by “fear and anxiety” and felt embarrassed as her credit card debt continued to spiral.
Seeking help, Abi consulted a financial adviser who initially suggested bankruptcy.
[quote credit=”Abi Hookway, 39″]I became the person who went to the supermarket with a calculator, making sure I didn’t go over budget[/quote]However, she felt this was “morally wrong” and opted for a debt management plan instead.
“My financial adviser told me to cut back, save, and be really careful with money,” Abi recalls.
“I became the person who went to the supermarket with a calculator, making sure I didn’t go over budget.”
The stress took its toll, and Abi ended up visiting her GP for depression, feeling constantly tired and anxious.
Prescribed antidepressants
Though prescribed antidepressants, she refused to take them, recognising that her financial struggles were at the root of her issues.
Determined to change her circumstances, she turned to Google for answers.
“I started Googling how to make extra money, and these side hustles kept coming up,” she says.
That’s when she stumbled across property flipping – buying a property, renovating it, and selling it for a profit.
[quote credit=”Abi Hookway, 39″]I said goodbye to my £24,000 debt, and the rest of the money was reinvested[/quote]But there was one problem: Abi didn’t have the cash to get started.
Her breakthrough came during a conversation with her dentist, who admitted he’d love to invest in property but didn’t have the time.
Abi seized the opportunity, and her dentist agreed to fund her first property flip, in exchange for a 10% return on his investment.
Her first project was a neglected house in Doncaster that had been vacant for 18 months.
Using her dentist’s investment, Abi successfully flipped the property, paid back the loan with a 10% return, and walked away with £72,000 in just six months.
“I said goodbye to my £24,000 debt, and the rest of the money was reinvested,” she says.
“I’d just made double my annual salary in less than six months, working less than six hours a week. Why wouldn’t I do it again?”
Now, Abi earns between £50,000 and £100,000 with every property flip.
[quote credit=”Abi Hookway, 39″]Saving alone will never make you financially free or give you the life you want[/quote]Her £8 million portfolio includes buy-to-let properties, holiday homes in the Lake District and Peak District, and commercial properties.
“My most recent deal is a three-acre plot of land used to store caravans and containers. I’ve got about six or seven holiday homes and four or five commercial properties,” she says.
Abi’s ambitions don’t stop there. In the next 10 years, she plans to become a billionaire.
“The next big goal is taking my business to the £100 million mark.
“This year, my business should turn over around £10 million, but I want to fast-track it.”
Her advice for others? Focus on making money, not just saving it.
“I don’t believe in saving money,” Abi says. “Saving alone will never make you financially free or give you the life you want.
“My advice is to go out, make money, set up a side hustle, and follow your passion.
“Bring more income into your household instead of trying to save every penny.”