Getting to Know…Jessy Wang, Financial Spectrum
Meet Jessy Wang
Financial Advisor at Financial Spectrum
Meet Jessy Wang, one of the Financial Advisors at Financial Spectrum, who’s on a mission to make money management simple and accessible for families. Jessy’s all about empowering parents with the tools and knowledge to take control of their finances, from budgeting to investing, with a focus on achieving financial goals. In this latest feature, Jessy shares her insights into financial planning, how to get started, and why it’s never too early to start thinking about your family’s financial future. If you’re looking to get your finances in order, Jessy’s got you covered!
🌟 Can you tell us a bit about yourself and your family?
I’m a local in the Inner West and a mum to an active 6-year-old, so our weekends are full of fun activities. We love visiting our local café – Hearthe in Stanmore is our favourite – taking trips to the park to spot tortoises in the wetlands at Whites Creek Valley Park, and browsing the Glebe Markets on Saturdays for fresh food and veg. We moved to the Inner West five years ago and absolutely love the lifestyle and welcoming community.
🌟 What motivated you to become a financial advisor?
My first meeting with a financial adviser, several years ago, was an eye-opener and really set me on my journey to becoming an adviser myself! I learned firsthand how beneficial it is to have your finances in order and to have a long-term plan for the future. Plus, I’ve always had an interest in personal finance and enjoyed investing and poring over financial news, podcasts and books.
Taking the step to become a financial adviser seemed like a natural progression – not only do I get the opportunity to pursue my passion, but I can also share my knowledge and help others achieve all that they want out of life
🌟 What are some of the main reasons families come to you for financial advice?
Families typically come to me to achieve their financial goals and navigate challenges. Whether it’s buying their first home, upgrading to a larger family home, tax planning for their income and investments, or retirement planning, financial planning can make a big difference.
Families with children are often time-poor and under financial pressure dealing with Sydney-sized mortgages and the rising cost of raising a family. Life involves a lot of juggling, and I’m passionate about helping families find the right balance between living comfortably today and building wealth for the future.
🌟 What common financial mistakes do you see families making, and how can they avoid them?
One common mistake is waiting until the mortgage is paid off before thinking about investing for the future. There are many ways families can invest before the mortgage is paid off. By starting earlier and giving investments more time to grow, families can achieve far better financial outcomes.
Another one is succumbing to “lifestyle creep” where spending increases as income rises, leaving you wondering where all your hard-earned money has gone. It’s important to treat yourself and spend on what brings you joy, but be mindful of mindless spending – it can quickly add up!
Across my more financially established clients, many often fail to structure their investments in a tax efficient manner, which can cost them tens of thousands of dollars and may be difficult or costly to change. Before making an investment, it’s important to engage a professional to ensure you have the appropriate set up for your individual circumstances.
🌟 What are families who don’t get financial advice missing out?
Families often make big financial decisions without fully understanding their impact, which can lead to poor outcomes and financial stress. Overextending on property purchases, is a common example. Many people also dabble in investing, like buying a few ETFs, without a long-term plan. Getting professional help can make a big difference in staying on track to achieve your financial goals.
For families with kids, life can get extremely busy. Many simply don’t have the time or energy to properly plan and take action with their finances, which can lead to missed opportunities. Waiting too long to organise your finances and plan for the future also means it can get harder to achieve your goals, so taking early action is very important.
With the rising cost of living, even families with above-average incomes are feeling the pressure. Having a financial plan can relieve stress, ensuring you’re on track for a comfortable retirement or other goals despite short-term challenges.
🌟 What’s the most rewarding outcome you’ve achieved for a client?
There are many but one which really sticks out in my mind is working with a couple with two young kids who wanted to upgrade from their Inner West apartment to a house for more living space. Due to the property growth Sydney has experienced in recent years, they thought they were priced out of the local market and that their only option for more space was to move outside of Sydney. They were 15 years from retirement and feared that overextending themselves with the house upgrade would jeopardise a comfortable retirement and they’d be working into their seventies 70s to pay off the mortgage.
I reviewed their finances in detail and together we worked out a plan which allowed them to upgrade to a house in the same Inner West suburb they were living in, but also put in place an investment plan which would allow them to retirement comfortably in 15 years. It was such a win and I was over the moon to be able to support them in achieving their goal.
🌟 What advice would you give to women who are looking to improve their financial situation?
The first step is to gain a thorough understanding of your cash flow and make sure you’re spending less than you earn. You can’t get ahead financially if you’re spending every dollar you make. It’s also crucial to arm yourself with financial knowledge – read books, listen to finance podcasts, and educate yourself. This is especially important because women often face unique financial challenges, such as the gender pay gap and time out of the workforce to raise children, which can lead to less involvement in financial decisions and lower superannuation balances.
I’ve also seen many women struggle financially after a marriage breakdown, particularly if they’ve been out of the workforce for years and lack financial knowledge. That’s why I advocate for open discussions about money and equal participation in financial decisions. If you don’t have the time or inclination to handle this yourself, consider getting professional help to guide you and expedite improving your financial situation. Taking action now is key to building financial independence and securing your future.
🌟 How can families teach their children about money and good financial habits?
- Set a good example
Demonstrate healthy money habits by discussing everyday spending with your kids. Talk about grocery prices, budgeting for family expenses, and the cost of things like school uniforms to teach them that money isn’t limitless.
- Allow kids to make their own money decisions
Give younger kids pocket money and let them choose how to spend it. If they spend it all quickly, they’ll learn about the consequences of their choices.
- Make budgeting fun and relevant
Turn budgeting into a game. For example, when my son wanted to buy books, I covered half the cost and let him pay the other half. He learned to evaluate his purchases carefully.
- Encourage saving especially when your kids start part-time work
For older kids, promote saving and investing a portion of their money from allowances or part-time jobs. At such a young age, even small amounts invested regularly will grow and compound into very healthy sums when they are older.
🌟 What sets your services apart from other financial advisors?
Being a female financial adviser and a mum, I’m more acutely aware and sensitive to the specific and potential challenges women face financially. As a parent, I’m also attuned to family dynamics and the time constraints on women’s time that might limit their ability to fully engage in their personal finance planning. Not surprisingly, I’m passionate about empowering women to gain more financial autonomy and independence and to help set them on a path of financial freedom.
🌟 In these uncertain economic times, what’s one piece of financial advice you’d like to give families?
My key advice for families is to prioritise insurance, including life and income protection. Many underestimate these safeguards, assuming they can self-insure, but few can truly cover major losses on their own.
For families with young children, life insurance is essential. If a primary earner is lost, it ensures financial stability, covering the mortgage and daily expenses. Income protection is equally vital, providing a steady income if you’re unable to work due to illness or injury, helping you meet financial obligations without depleting savings.
Adequate insurance gives peace of mind, knowing your family is protected no matter what happens.
Want to schedule a catch-up with Jessy Wang? Reach out to Financial Spectrum to schedule a time.
Financial Spectrum
Phone: 02 8238 0888
Email: info@financialspectrum.com.au
Website: www.financialspectrum.com.au
Locations
Balmain
Level 1, 374 Darling Street
Balmain 2041
Sydney CBD
Level 13 447 Kent Street
Sydney 2000
Chatswood
Suite 605, Tower 1, 495 Victoria Avenue
Chatswood2067
Bondi
Level 23, 520 Oxford Street
Bondi Junction 2022
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