Single Parent Gets Help Adjusting Her Budget
After nearly 20 years of living hand-to-mouth while making guests comfortable at her downtown Seattle bed-and-breakfast, Lindsey Nichols has finally reached a point where she can breathe easier.
Business at Pensione Nichols has blossomed lately, the result of Nichols applying some of the expertise she acquired during a stint in the corporate-hotel world while her mother ran the small inn they opened together in 1989 on First Avenue near Pike Place Market. With the boost in business, Nichols’ income has doubled in the past year.In 2007, Nichols adopted her daughter, Avery, now 3. They’ve settled into a Seattle neighborhood just down the street from the elementary school her daughter will attend.
“I just love being a mom. I love running my business. I love living here,” Nichols says. “I just feel like I’m the luckiest person on the planet.”
But single-motherhood at 48 and all the responsibilities that entails has Nichols wondering how to adjust her finances to better suit her circumstances.
Though her business brings in about $140,000 per year, Nichols owes roughly $630,000 on two interest-only mortgages and a business loan she used to buy out her mother’s share of the pensione a few years ago. The mortgages cover her house and a former home nearby that she now rents out at about a break-even rate.
Photo by Jeff Keen.
Caroline works from home on November 4th, 2008 3:08 am
Still 140k is very impressive.
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