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It’s never too late to change careers or to save for retirement, as Karen Rittenhouse demonstrates, changing careers in her mid-forties from selling high-end furniture to buying real estate. In 2004, after becoming an empty-nester, Rittenhouse wanted to try something new and, having prioritized the kids and not retirement savings, was concerned about the volatility of commission-driven sales to provide for her future. Within two and a half years, using creative financing for deals (taking over a seller’s existing mortgage, for example) she amassed 20 rental properties, at which point her husband also quit his W2 job to enter the real estate business. In less than 10 years from starting, they had over 130 rental properties, a property management company, a full service real estate brokerage, and 13 full time employees. Currently, they have transitioned all their real estate activity to a HomeVestors franchise, which they started in 2013. Rittenhouse, not only feels secure about her retirement, but feels better positioned than in her previous career. I met Rittenhouse at this year’s International Franchise Expo. Here are my favorite takeaways on her career change from selling furniture to buying houses:
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Model yourself after people who have successfully achieved what you want to do
When deciding to make a career change, I read and researched the wealthy. I was fascinated by how they acquired their wealth and, later, by how to keep it. Over and over I ran into real estate as the way to create, not just wealth for today, but generational wealth. In fact, until the age of technology, I'd say it was the primary way. I have very little interest in the tech world so real estate was the obvious path to pursue. – Karen Rittenhouse
Too many job seekers try to force fit success onto their earlier choices, even when their industry economics have changed (I’m thinking particularly of my clients in financial services and media, both hard hit by structural changes that have eliminated or downgraded many jobs). Rittenhouse figured out her priority (wealth) and looked at the people who had it, thereby identifying real estate and technology as possibilities. She preferred real estate over technology, hence her new path. In what career are you both interested AND able to achieve your priorities?
Give yourself time and 100% focus
I was in my mid-forties and felt that I had the time and the health needed to try one more thing, but not the time for a failure. So I determined to put my head down for 3 years to see how much I could accomplish with 100 percent focus. At the end of 3 years, I would determine whether to quit or to go back to the w2 world…. An absolute must is 100 percent focus. I have watched many try this or any business and, before they had time to become skillful, jump to something else that seemed faster and easier. Nothing worthwhile is fast or easy. Decide what you want to do and focus on that one thing until you're successful or convinced you have made the wrong decision. Whatever you do, give yourself the necessary time to gain the needed skills. – Karen Rittenhouse
Unlike aspiring career changers who flit from interest to interest, Rittenhouse picked her field (real estate), set a timeline (3 years), and didn’t second-guess herself. She left open the possibility that she might go back to a W2 job but for the timeline she gave herself, she jumped all in. Are you willing to stick behind your choices and give them time and focus to pan out?
Listen to the right people
I was at the top of my game when I made the move and everyone - friends, family, business associates, my bosses - all told me I was making a mistake. However, I knew none of them would pay my way to or through retirement and it is up to only myself to make that happen. My husband and I did find a mentor who lived close enough to us to be of help. We worked with him for a few years and have changed mentors and coaches over the years as we've progressed. We always pay for coaching and mentoring. A good coach is more than worth it. You will pay in time, in mistakes, or in coaching. – Karen Rittenhouse
Family, friends, and your former colleagues are often not the right support system for a career changer. You may decide to hire a coach as your support system, or you could join a professional association in your new field, start an accountability group with like-minded change-seekers, or use the Internet to find free or low-cost published resources. How can you build a new support system?
Start now
Every day is a day that passes and you won't get it back. You are as young today as you'll ever be so, if you truly want to do something, now is the time. Don't put it off if you'll regret putting it off. My decision was, "I have probably 20 more years to generate income. I'm starting at zero so every year has to count. I'm going to be doing something for those 20 years to make money, so I want to do something I enjoy and something that brings me the highest financial return for the time I put into it. I better get going today. – Karen Ritenhouse
“I better get going today” and “You are as young today as you’ll ever be” are two of my favorite lines from our conversation. Rittenhouse didn’t lament not saving for retirement or changing careers sooner, but rather made her moves based on where she was right now. What is the best next step for you?
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Believe in yourself
The only person you can turn to if you want to be successful is yourself. There are tremendous aids to get you going - franchises being one of them - but even a franchise cannot make you successful if you're not putting everything needed into it. Write out your goals, figure out how to get there. Options are truly unlimited. Success can truly happen for anyone who stops waiting on others to make it happen for them. – Karen Rittenhouse
