“I have $30,000 in a savings account”: I am 56 years old, unemployed and single. I invented products that would cost $20,000 to bring to market. I must do it?

Dear Quentin,

I am a 56 year old divorced woman raising four children alone. At a young age, I made the decision to have all my children and was the family’s sole breadwinner for over 20 years. Now that my children have grown up and are living their own lives, I have no golden life left to count on.

As you can imagine, the last 20+ years have not been easy. I have $30,000 in my savings account, am unemployed (and unemployed) and am slowly living off those savings. I survived my years not so much because I’m smart, but because I’m very creative (I like to think).

I’m building two products that require an investment of around $20,000 in patents and manufacturing costs. I sincerely believe that these products will sell well in their markets and lead me to success. However, I’m so afraid to use this money because that’s what I live on. What would you advise about this? Please, help.

All my life I have missed every opportunity that came my way. I don’t want to be the person who never tried. At my age, I think it would be devastating to just grow old and die without succeeding at least once, but if you think it’s an unwise choice to use the piggy bank of my life, then I want to know. .

Divorcee and Inventor

Dear divorcee and inventor,

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

The measurement of your success in life should not depend on whether you got these patents from scratch. And it should not be calculated by money in your bank account. Wealth and fame is not a measure of success. The relationships you have in life and your ability to be kind to other people is a good starting point and ending point. Everything else is a side dish.

Your letter shows two sides of your self-esteem. You describe yourself as “unemployed” – which I doubt – and at the same time you show great confidence and faith in your ability to turn these patents into a marketable product. I hope they work and I commend you for your entrepreneurial spirit. But between these two beliefs there is a more golden mean.

There are other ways to raise money and patent your ideas. I encourage you to find a job that will help you not to spend your savings, even if it is a part-time job. It’s great to have $30,000 in savings, but it should also be viewed as an emergency fund, not a “last chance saloon” for your patent ideas. Also, $20,000 sounds like a very modest amount for what you mean.

Contact a patent attorney to find out how much it will cost to trademark your ideas. SCORE (Service Corp of Retired Executive) or Small Business Development Centers Small Business Administrations can provide management assistance. There are over 1,000 federal grant programs for you to explore. Of course, there is competition for these grants.

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

I caution against putting money on a credit card, especially since the interest rates are very high and, most importantly, you have no other source of income. For others who have a retirement account like a 401(k), think twice before raiding it as there will be penalties – and if the product/business doesn’t work, there will be a big hole in your retirement savings too.

As one member of the Moneyist Facebook group wrote about creating the products, “You have to BARGAIN, sell them to stores, brand and market them, taking care of them throughout the process. If you can do it (project management, sales, supply chain management, shipping, design), you can certainly work somewhere and find a job.

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

Don’t tie all your dreams to one business idea. Life is much more than that. After all, you need a team. Talk to your children. Tell them about your financial situation. Ask them for advice. Can they help you find a job? Can they help you financially? Do they have an understanding of your business plan? You are 56. You have already achieved a lot in life.

Follow Quentin Fottrell at Twitter.

You can email The Moneyist with any financial and ethical questions related to the coronavirus at [email protected].

Verify private facebook maniist a group where we look for answers to the most pressing money questions in life. Readers write to me with all sorts of dilemmas. Post your questions, tell us what you want to know more about, or give your opinion on the latest Moneyist columns.

The financier regrets that he cannot answer questions individually.

Other works by Quentin Fottrell:

She never has enough money”: I was adopted by a wealthy family, but my biological grandmother says I need to support her financially – and buy her an apartment

My husband and I make $160,000, have $1 million in retirement savings, cook at home, and drive an old Honda. Are we missing?

“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?

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button