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 1. Home
 2. Personal Finance
 3. The Moneyist


THE MONEYIST




‘I HAVE $30,000 IN MY SAVINGS ACCOUNT’: I’M 56, UNEMPLOYED AND SINGLE. I
INVENTED PRODUCTS THAT WILL COST $20,000 TO BRING TO MARKET. SHOULD I DIP INTO
MY SAVINGS?

Last Updated: Jan. 21, 2023 at 7:55 a.m. ET First Published: Jan. 19, 2023 at
12:57 p.m. ET
By

QUENTIN FOTTRELL

  comments


‘THE PAST 20-SOMETHING YEARS WERE NOTHING SHORT OF ROUGH’

‘I TRULY BELIEVE THAT THESE ITEMS WILL SELL WELL IN THEIR MARKETPLACES, AND SET
ME UP FOR SUCCESS.’

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DEAR QUENTIN,

I am a 56-year-old divorced woman who has raised four children as a single
parent. I made the decision at a young age to give birth to all of my children,
and I was the sole provider for the family for over 20 years. Now, after my
children are all grown, living their own lives, I’m left with no golden life to
look forward to. 

As you may imagine, the past 20-something years were nothing short of rough. I
have $30,000 in my savings account, I am unemployed (and unemployable), and
living incrementally off those savings. I have survived my years, not
particularly because I am smart, but because I am very creative (I like to
think). 

I have been creating two products that require an investment of about $20,000
for patents and manufacturing costs. I truly believe that these items will sell
well in their marketplaces, and set me up for success. However, I am so afraid
to use that money because that is what I live on. What would your advice be on
this? Please help me. 


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All of my life, I’ve missed out on every opportunity that came my way. I don’t
want to be the person who never tried. At my age, I believe it would be
devastating to just grow old and die, not having succeeded at something at least
once, but if you think it is an unintelligent choice to use my life’s piggy
bank, per se, I want to know it. 

Divorcée & Inventor 

DEAR DIVORCÉE & INVENTOR,

You have raised four children as a single parent. You are a winner.


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Measuring your success in life should not be dependent on whether you get these
patents off the ground. Nor should it be calculated by the money in your bank
account. Being rich and famous is not a marker of success. The relationships you
have in your life and your ability to be kind to other people are a good
starting and finishing point. All the rest is garnish.

Your letter shows two sides of your self-esteem. You describe yourself as
“unemployable” — something I doubt — and yet you also show great confidence and
belief in your ability to turn these patents into a marketable product. I hope
they work, and I commend you on your entrepreneurial spirit. But there’s a
happier, steadier medium between these two beliefs. 

There are other ways to raise money and trademark your intellectual property, if
that is indeed required in this case. Finding a job would help you avoid dipping
into your savings. It’s great that you have $30,000 saved, but this should also
be treated as an emergency fund rather than a “last-chance saloon” for your
patent ideas. Plus, $20,000 sounds like a very modest sum for what you have in
mind.

Contact a patent attorney to find out how much it would cost. SCORE (Service
Corp of Retired Executive) or the Small Business Administration’s Office of
Small Business Development Centers can provide assistance with your business
plan. There are over 1,000 federal grant programs you can explore. There is, of
course, competition for these grants. 



You could also find an angel investor for your business idea, but that will come
with a cost (a percentage of your business for an agreed sum). That’s why people
go on Shark Tank. Again, you can contact the SBA. After talking to a patent
attorney, you could also reach out to friends and family, and/or crowdfunding
sites like GoFundMe to tell your story, and raise funds.


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I caution against putting money on a credit card, especially given that interest
rates are so high and — crucially — you have no other source of income. For
others who have a retirement account like a 401(k), think twice before raiding
that, as there will be penalties — and if the product/business does not work
out, there will be a big hole in your retirement savings too.

In the meantime, you can file for a provisional patent to protect your idea
before you talk about it publicly. This book, “Patent It Yourself: Your
Step-by-Step Guide to Filing at the U.S. Patent Office,” may also be helpful for
you. But as James Yang, an attorney at OC Patent Lawyer in California points
out, “For a higher-quality application, you should hire an experienced patent
attorney. “

As one member of the Moneyist’s Facebook Group wrote about creating products:
“You have to HUSTLE, sell them into stores, brand and market them, baby them
through the whole process. If you can do this (project management, sales,
supply-chain management, delivery, design) you can certainly work somewhere and
are employable.

“Why not get a job that helps you develop these skills (working in a trade
show/brand ambassador, delivery for a similar product, project manager) and save
up the $20,000 to launch your products?” she added. “Even great ideas fail with
the very best behind them, if you are serious about starting a company you need
to get back into the working world first.”

Don’t hang all your dreams on one business idea. Life is so much bigger than
that. Ultimately, you need a team. Talk to your children. Tell them about your
financial situation. Ask them for their advice. Can they help you find a job?
Can they provide you with financial assistance? Do they have insights into your
business plan? You’re 56. You’ve achieved a lot in your life already.


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Follow Quentin Fottrell on Twitter.

You can email The Moneyist with any financial and ethical questions related to
coronavirus at qfottrell@marketwatch.com.

Check out the Moneyist private Facebook group, where we look for answers to
life’s thorniest money issues. Readers write to me with all sorts of dilemmas.
Post your questions, tell me what you want to know more about, or weigh in on
the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell:

She never has enough money’: I was adopted by a wealthy family, but my
biological grandma says I need to financially support her — and buy her a condo

My husband and I earn $160K, have $1 million in retirement savings, cook at home
and drive an old Honda. Are we missing out? 

‘I grew up poor’: My wife and I have a $1.2 million real-estate portfolio, and
$225,000 in income. Are we financially secure enough to start a family?


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INCOMING BIDEN CHIEF OF STAFF ZIENTS IS NEARLY WEALTHY ENOUGH TO BUY THE ENTIRE
WHITE HOUSE

DON’T LET THE ‘BEAR MARKET HOUSE OF MIRRORS’ FOOL YOU, MORGAN STANLEY’S MIKE
WILSON WARNS OF THE STOCK MARKET

GENIUS GROUP SEES 2023 REVENUE OF $48 MILLION TO $52 MILLION, UP 27% FROM 2022;
STOCK JUMPS 15% PREMARKET

FOLLOW THESE 3 INVESTMENT THEMES IN 2023

‘THE FED-FUELED FANTASY BUBBLE HAS POPPED.’ STOCK INVESTORS ARE DETACHED FROM
REALITY — BUT THEY’RE ABOUT TO GET A BIG DOSE.


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READ NEXT


READ NEXT


‘WE ARE SURPRISED AND BEWILDERED’: MY BROTHER PASSED AWAY AND LEFT HIS HOUSE,
CASH AND POSSESSIONS TO CHARITY. CAN HIS SIBLINGS CONTEST HIS WILL?

‘I don’t understand why he would make such a decision.’


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ABOUT THE AUTHOR

Quentin Fottrell


Quentin Fottrell is MarketWatch's Managing Editor-Personal Finance and The
Moneyist columnist. You can follow him on Twitter @quantanamo.



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