This year saw Threshold Group launch its Community Square forum, a peer-to-peer network which includes specialists on “wealth education issues,” with an event in Chicago.
The idea of mentoring also came about when the couple watched a panel discussion featuring a 24 year-old woman who they thought could really inspire and guide their daughter.
Wendy and Thomas are also keen to deepen their daughter’s financial education. They want her to “better understand what investing is, all the concepts and benefits and drawbacks,” and are considering encouraging her to attend financial education sessions. “We’re at a point now where we’re going to need her to understand more of her finances,” says Wendy.
Their attitudes are remarkably progressive. They are keen to take advantage of the changes in thinking that have occurred since when they were young. Back then, “in so many ways in society there was minimal support structure,” says Thomas. His own family still hadn’t divulged to him anything about their wealth when he was well into his twenties. He feels the change is all for the better on this front.
However, when it comes to some things, the old fashioned way is still the best. One thing both Thomas and Wendy were convinced of was the enduring need for face-to-face communication, saying it was best “for a lot of reasons.”
“I was able to talk to a bunch of [parents] about their children. We were able to connect unrelated to wealth and money…we were able to connect in a way that just looking at our profiles online we would never have connected,” says Wendy, who is nevertheless active on social media platforms. Essentially, a “profile” lacks the depth necessary for authentic connection. What social media has enabled, though, is for the couple to keep in contact with other like-minded people and follow up on ideas hatched during the event. And the fact they are doing so is testament to what they got out of it.
“I think we’re onto something,” says Bauer.