Sarah Swan wears many hats—Mayor of Woollahra Municipal Council, Principal Solicitor at Swan Lawyers, and a seasoned investor with a diverse portfolio. Before her legal career, she worked at Linden Global Strategies in New York, a family-run private wealth advisory firm, where she gained invaluable insights into the world of investments. As part of our Women in Numbers members-only feature, we spoke with Sarah about her investing journey, financial lessons, and why she believes financial literacy is crucial for women.

Can you share a bit about your personal investing journey?

I have two investment properties and shares in ETFs, as well as other shareholdings in a private company. I also keep cash in an offset account to manage interest payments. Having cash reserves is essential—it gives me peace of mind, knowing that if something unexpected happens, I have a financial cushion on which to rely.

Where do you go for financial advice?

I don’t have a financial advisor—I just read widely and invest consistently. Every week or month, depending on my circumstances, I allocate a set amount into ETFs.

I saw a great video recently about someone in the ‘80s who passed on a vacant plot of land because they thought $3,000 was too expensive. In hindsight, that seems absurd, but it’s a reminder of the time value of money. The real question is whether the money I invest today will grow sufficiently or if I’d be better off using it elsewhere, like in an offset account.

When it comes to investing, I take a long-term approach. The Warren Buffett strategy, picking strong companies and holding, makes sense to me. A decade ago, BHP and Macquarie Bank shares were already high, but they’ve only climbed higher. People might hesitate to buy when prices seem steep, but that doesn’t mean the opportunity is gone. You don’t have to get in at the very start to make money—what matters is making informed decisions that align with your budget and risk appetite.

That’s why reading widely is key. You never know the full story behind an article—sometimes, it’s just a well-placed PR spin. A journalist who moves in-house at a company might leverage their media connections to get a positive piece published, making it seem like the company is thriving. But real investing isn’t about chasing headlines or the latest gadget launch. It’s about assessing a company’s long-term potential and whether it aligns with where I want my money to go.

So, where do I go for financial advice? Nowhere in particular—I just stay informed, think long-term, and make decisions based on what makes sense for me.

What’s your advice for women looking to begin their investing journey?

Diversification is key. Understanding your personal risk appetite is just as important—some people are comfortable with volatility, while others prefer more stable investments. You need to know what kind of losses you can tolerate and structure your portfolio accordingly. Align your investments with your financial goals and risk tolerance, and always ensure you have liquidity for emergencies.

Why is financial literacy so important?

Teaching people how to budget would be a great start. A lot of people live way beyond their means. There’s this concept of “spend increase” where, as your income grows, your spending grows with it. You might start out earning $80,000 a year, then get a promotion to $120,000, then $150,000, and before you know it, you're at $300,000—but your lifestyle has expanded just as quickly. People don’t necessarily think about pulling back on spending, even when they don’t need to keep increasing it.

Personally, I budget everything—I have a spreadsheet that tracks every dollar I spend, including every coffee and Baker Bleu pastry. It’s a one-year projection that allows me to see how much I’ll save over time, helping me make long-term financial decisions. For example, I know how much I need to save over three years to keep up with my property expenses and hopefully buy a house. It’s a flexible plan, too—if I decide I want to go on a holiday, I adjust my budget for a few weeks in advance so I have the money available. That’s what budgeting does—it gives you freedom.

How has the way you were raised influenced what you invest in?

I am a child of the GFC, and seeing its effects firsthand shaped my approach to investing. I witnessed families struggling—kids leaving private schools, parents losing jobs—and it reinforced the importance of financial security. As a result, I’m very risk-averse when it comes to investing. I prioritise stability and ensure I have safeguards in place.

Have you ever faced any financial challenges, and how did you overcome them?

Yes, while it wasn’t directly me, my mother faced a major financial challenge when she was sued for a large sum of money. When I was in law school, we were dealing with that, and it was incredibly difficult. Thankfully, she won the case, but there were still consequences to deal with. We were living in her house at the time, so from the outside, people wouldn’t necessarily know what was going on, but internally, we were fighting to save everything we had. We had to monitor every dollar that went in and out, especially as she was setting up her law firm, which added another layer of pressure.

When I was younger, we also went through a tough period when she was getting divorced from my father. It was incredibly challenging. I remember seeing her at the grocery store doing mental arithmetic, trying to figure out how much the total would be, and sometimes she would have to take things out of the cart because we just couldn’t afford it.

You see that happening today, people at checkout, putting items back or asking to take things off because they simply can't afford everything they need, or want. It's a tough reality, but it's also part of the financial struggles people face.

Can you share your experience in family law and key insights from it?

A common realisation I’ve had in family law, especially in divorce and property matters, is how many women have little visibility over their finances. It’s not about capability; they’ve just never had to ask. When a relationship breaks down, they’re suddenly confronted with financial statements and unfamiliar numbers such as mortgage balances, offset accounts and monthly expenses, creating a deep sense of uncertainty.

The emotional impact of this realisation is significant. It often starts with shock, then grief, frustration, and even anger. But beneath it all is a feeling of helplessness—not because they truly are, but because they lack the tools and knowledge to take control. Once they do, that shift from uncertainty to empowerment is profound.

Why is having a network so important, and how do you structure yours?

Having a strong network is crucial. I refer to my network as my "Board of Directors." It's made up of people who are both older and younger than me, and they each bring different perspectives and experiences to the table.

In my political world, it's also vital to include people who don't agree with my viewpoints. Having these diverse opinions helps me challenge my own thinking. For example, I can ask them, "What do you think about this?" or "How would you respond if I said this in public?" This kind of diverse feedback keeps me grounded and open to new perspectives. It’s about surrounding yourself with people who can offer guidance, challenge your assumptions, and provide insights you might not have considered.

Did your schooling provide any financial education?

I went to great schools, but financial literacy wasn’t really part of the curriculum. Some boys’ schools had programs like commerce days, where students created mock businesses, but there wasn’t much in terms of financial education for girls. That’s something I hope changes for future generations.

What is the best piece of professional advice you’ve received?

It doesn’t matter if you’re not the smartest, funniest, or most powerful person in the room—if you’re the most prepared, you’ll always do well. Preparation gives you confidence and a competitive edge in any situation.

Why is Women in Numbers (WIN) such an important initiative, and how did you feel about the launch gala?

The WIN launch was inspiring—so many women doing incredible things and empowering one another. The event sparked important conversations at our table about financial preparedness and understanding our financial circumstances. Even if you don’t walk away from an event with immediate action steps, it can plant a seed that leads to valuable financial decisions in the future. That’s why WIN is so important—it facilitates meaningful conversations that help women take control of their financial futures.