- Mylan Phan and her husband, Ryan Waggoner, have achieved financial independence, but they didn't choose to retire early.
- They saved over $4 million by living frugally, investing wisely and avoiding any lifestyle changes.
- Despite their wealth, they prioritize planned spending, future planning, and financial education.
Mylan Phan and her husband, Ryan Wagoner, both 36, are financially independent, but neither of them wants to retire early or completely.
By taking high-paying jobs, cutting most expenses and avoiding lifestyle changes, their combined net worth, including their two homes, is $4.1 million. After experiencing nerve pain and giving birth to their son, Huang left her full-time dental job and works part-time while Waggoner works full-time. They live frugally and save for their family's future, but still go on vacations and attend Seahawks games.
“Financial independence means not having to work full time, having your child attend full-time kindergarten 40 hours a week, and having the freedom to go home and do what you want,” Fan said.
Many Americans work to achieve financial independence — that is, to have enough savings or income to live comfortably for the rest of their lives. Some join the FIRE movement in the hopes that it will help them retire early, while others, like Fan and Wagoner, continue to work in search of greater financial security and personal fulfillment.
“If there's a job that's not working out, I want to be able to quit,” Waggoner said. “What I really care about is making sure I'm financially independent. So if you want to take a year off and go travelling, or if you want to get out of a job that's really stressful and is causing you mental issues, then do that.”
Towards financial independence
Fan grew up about an hour south of Seattle. Her parents “were not wealthy,” but they took her on vacations and allowed her to participate in a variety of extracurricular activities. They taught her to live frugally and spend money only on what she really needed.
She worked at Subway, drove a used car, got a cell phone her senior year of high school, later than most of her class, and got a scholarship to get her undergraduate degree before enrolling in dental school, where she turned down half the student loans she was offered because she didn't need them and wanted to be debt-free as soon as possible after graduation.
She borrowed $140,000 over her eight years of school: $80,000 from the government, which she paid off two years after graduating, and $60,000 from her parents, which she paid off one year after graduating.
Waggoner grew up in a small town in Michigan, working in his father's grocery store from age 14 and being able to buy a car before his 16th birthday. His mother, an accountant, taught him how to open a bank account and save money, but he acknowledges there weren't many places to do that in his town.
He was the first in his family to attend college, choosing Michigan State University with the help of various scholarships that covered half of his tuition, paying for living expenses with an internship at Microsoft, driving his car until it stopped working, and reading books on financial independence that emphasized spending money on the things that matter and not the things that don't.
Knowing his income was steady and growing, he saved up enough money to buy an apartment, which he and Hwang later paid off and rented out to tenants.
Fan and Wagoner met in 2015. Fan was still working at Microsoft. He had four more years of income, a 401(k) match, and no student loan debt. While they were dating, he told her he wanted to retire by 40. Fan wasn't convinced. She wanted to start a dental practice, but knew it would take years to get off the ground.
“I thought he'd gone mad and said I was never going to eat rice and beans for the rest of my life,” Ms. Huang said.
They decided to plan their family's expenses and used Wealthfront, an automated investing service, to build wealth through investments and high-yield savings. They keep their finances separate but share their numbers openly.
Start planning your strategy
For the first few years of their relationship, they didn't strategize much and lived within their means without sacrificing quality of life.
The couple paid for their own wedding in 2019, planned and paid for their honeymoon just before the pandemic, and put a 25% down payment on a home with a 2.75% interest rate, but decided not to pay it off because interest rates were so low.
“We got approved to buy a $1.5 million home, so we told our real estate agent, 'Stop wasting your time showing these homes. We're not going to spend any money,'” Huang says. “We decided not to make a big mortgage payment, so that positive cash flow is what gives us an edge over our peers.”
Over the past few years, they've kept their spending down by driving a used car, investing in an e-bike instead of a second car, and being more conscious about their food purchases. They're both maxing out their 401(k)s and IRAs and doing everything they can to strategically take advantage of tax benefits. Automating their savings and investments has also helped them keep their spending down and more organized.
After her son was born in 2020, Fan went from being a full-time dentist to being a stay-at-home mom who works part-time in dental treatments. Nerve damage in her right hand meant she couldn't return to full-time work. Fan said living “as good as the neighbors” provided financial stability, allowing her to reduce her workload while her husband continued to work full-time. Two years ago, Waggoner moved to a job in the video games industry, where she makes two-thirds the salary of her job at Microsoft but says she prefers it.
Hwang created a spreadsheet to track his net worth and was surprised by the numbers: More than $4 million in total, about two-thirds of which was liquid. It was enough for both of them to retire completely, but they weren't retiring to put their kids through college without worrying about financial burdens.
Planning for the future
The couple have put about $100,000 aside for their son's college fund, and plan to continue contributing to it, but they plan to encourage him to get a job when he turns 16. They plan to send him to public school, but are considering private options. Hwang said she's already thinking about starting financial education at an early age by giving him pocket money for toys.
“I want my son to understand the value of money. You can't have everything you want, but if you work hard and save, you can spend it without guilt. I just don't want him to feel the pressure to pay for school fees like I did,” she said.
They discovered ways to raise their children on the cheap, such as by using public resources like parks and getting cheap museum tickets.
Still, they prioritize spending on the things they love, like recent vacations to Mexico and Paris and Seahawks season tickets. They're also looking for bargain flights and exploring other ways to cut travel costs without sacrificing quality, like a $500 round-trip flight to Thailand. They want to take their son on a few months' trips to Europe and Asia to immerse him in different cultures.
Phan recently hired an interior designer to redecorate the furniture in her main residence, and Waggoner recently spent money on a new office setup, a gym membership and eye surgery.
She has little desire for luxury items, which can make spending difficult, but she tries not to feel guilty about big-ticket purchases, and has also lent more than $400,000 to friends for business ventures.
Lately, they've been talking about combining their money and being more open about their finances to better plan for the future.
“We're being transparent and looking at all the numbers and talking about these things and being able to say look at this account that's growing and we think we can do this,” Waggoner said.
The couple are considering what to do after they retire completely, with Fan considering becoming a wedding planner and her husband considering becoming a football coach.
“We've lived a very simple life and kept a low profile, which is why I think we've suddenly managed to acquire this wealth just by working hard,” Fan said.
Are you part of the FIRE movement or live by its principles? Contact this reporter. nsheidlower@businessinsider.com.
