'I have $30,000 in my savings account': I'm 56, divorced, unemployed and mother to 4 adult children. I have 2 products that will cost $20,000 to bring to market. Should I go for it?

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.

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.Dear Divorcée & Inventor, You have raised four children as a single parent. You are a winner.

I urge you to find some kind of job that can help prevent you from dipping into your savings, even if it’s part-time. 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. There are other ways to raise money and trademark your ideas that don’t involve plundering your savings.

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, 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.

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

Quantanamo Just keep a reasonable idea about what the idea is worth. SO many inventors that come to us have crazy demands and the product never gets off the ground as we refuse it.

Quantanamo Even if he had the network to manufacture and sell his product idea, he will need a ton of capital simply to defend the patents if it is a success. It is best for these small inventors to go to a major company and license it. No cost royalty payments and let them do all the work.

Quantanamo Nope

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