We are going to take a little departure from our usual stock market commentary today as I want to dedicate this edition to my father, Noel Reitmeister, who passed this week after a long and cruel battle with dementia.
For those who have followed me over the years, then you already know how much I cherish the annual “Lessons Learned” issue. It is those enriching experiences from our past that helps us do even better as we move forward.
As you can imagine, my father provided many valuable lessons learned over the years. I want to honor them by repeating some of the most beneficial here...and hope that it gives you greater appreciation for the many lessons learned from your loved ones.
Family First
No one is going to argue with the sentiment of Family First. Yet, he was a great living example of proving that on a daily basis even though he was a dedicated professional who built a tremendous practice as a Certified Financial Planner.
My brother had special needs with his learning disabilities. Early on the prognosis was he would never read or perhaps even speak. That was not acceptable and he pushed with my mother to find the right doctors who would help make the most of his ability. Given that my brother later attended Boston University for a Masters degree is great proof of what it means to do whatever is necessary for your family.
Dad was there for all the important events as we grew up. Even coaching my little league baseball team one year. His generation was not the greatest at this often under the heading that they need to focus on their career to be a good provider. Yet he was able to balance both.
Perhaps my favorite story of his dedication to family was when tragedy struck in the form of a fire at my brother’s boarding school dorm where 2 kids died. He was out the door and on the way to OHare airport in Chicago minutes after the call. Then somehow forced his way on to a full plane out to Hartford Connecticut and was on the ground at the school buying clothes and food for many of the kids before some of the New York and Boston parents were able to get there.
It was always knowing the right thing to do...and not letting anything get in your way to take care of your family.
Be Charitable
Anyone can cut a check. And he did that generously. It was about being charitable with your time which many are not willing to give.
He was on the board of countless foundations and charitable organizations over the years. He knew that he had certain organizational and leadership gifts that were even more valuable than any donation. And he gave it generously.
My favorite story on this front was that he was already the President of his temple twice over the years and felt it was time for one of his friends to take the helm. Yet some others determined his friend was not up to the challenge. So my dad agreed to be Vice President willing to do all the extra work behind the scenes if necessary. Yet very important to him that his friend should never know this to be the case.
The best word to describe this in Yiddish (or any other language) is to say my dad was a Mensch.
Chutzpah
We already opened the door on the Yiddish words with Mensch. However, “chutzpah”, having extreme self confidence to doing something you believe in, is also incredibly accurate.
Let’s start with his career. To be a financial planner you need to always be on the lookout for new clients. That often led to engaging with complete strangers about one of their most intimate topics...their finances.
We often joked that my dad enjoyed talking to strangers more than friends and family. Not 100% true...but indeed a statement of how easy it was for him to break the ice with new people to get to know them...and trust him...and eventually become clients. The rate at which this happens was no doubt behind him being one of the most successful financial planners at AG Edwards over the years.
Another case of chutzpah, was his vision for a cable access financial talk show in the 1980’s. It sounded so farfetched at first. And yet he pushed ahead leading to the creation of the “Money Doctor” show running for over 10 years in the suburbs of Chicago and NW Indiana catapulting his practice to new heights.
Certainly there are many more lessons learned from his 85 years. Yet these are the ones that truly stick out.
Note that he was never preachy about doing these things. Yet the lessons of how to conduct yourself courageously, ethically and lovingly were evident for all to see.
I will miss you Dad...but these lessons will stay with me forever.
(artwork that sat on my dad’s desk for many years...and now sits on mine)
All My Love & Respect,
Editor of Reitmeister Total Return & POWR Value
shares were trading at $547.00 per share on Thursday afternoon, down $1.49 (-0.27%). Year-to-date, has gained 15.44%, versus a % rise in the benchmark S&P 500 index during the same period.
About the Author: Steve Reitmeister
Steve is better known to the StockNews audience as “Reity”. Not only is he the CEO of the firm, but he also shares his 40 years of investment experience in the Reitmeister Total Return portfolio. Learn more about Reity’s background, along with links to his most recent articles and stock picks.
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