Despite achieving financial independence, Mai-lan Phan, 37, and her husband, Ryan Wagoner, 36, do not wish to retire early. They have decided against retiring early after accumulating more than $4 million through prudent investing, modest living, and avoiding lifestyle creep.
Even with their wealth, they highly value financial education, future planning, and intentional spending.
Their Journey to Wealth
Phan left her job as a dentist full-time after giving birth to her baby, enduring nerve discomfort and transitioning to a part-time role. At the same time, Wagoner continues to work full-time. They still take trips and attend Seahawks games, but they lead a simple life and save for their family’s future.
Phan stated, “Financial independence is not having to work full-time and the freedom to be able to send my child to full-time preschool, 40 hours a week, and come home and be able to do the things that I want to do.”
Strive for Financial Independence
A common goal among Americans is financial independence—having enough money saved up or earned to support oneself comfortably for the rest of one’s life. The FIRE (Financial Independence, Retire Early) movement frequently coincides with this goal.
However, some people, like Phan and Wagoner, who have reached financial independence, choose to keep working. Instead of choosing an early retirement, they decide to pursue their careers to ensure long-term stability, obtain personal fulfillment from their work, and seek greater financial security.
How Life Started for Phan
Phan was born an hour south of Seattle to parents who “weren’t wealthy by any means” but who did allow her to participate in extracurricular activities and go on vacations.
Her parents taught her the value of living modestly and only spending on necessities. When she was a senior in high school, she got a phone, drove a used car, and worked at Subway before most of her classmates.
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Phan’s Journey Through College
She received financial aid for her bachelor’s degree and then enrolled in dental school. She didn’t need the student loan package, and she wanted to live debt-free as soon as possible after graduation, so she turned down half of it.
During her eight years of education, she took out loans totaling $140,000; $80,000 came from the government, which she settled two years after she graduated, and $60,000 from her parents, which she paid back a year later.
How Life Started for Wagoner
Wagoner was born and raised in a small Michigan town. He began working at his father’s grocery shop at 14, which enabled him to purchase a car before turning sixteen.
He acknowledges that there weren’t many places in his town to practice conservative spending, but his accountant mom taught him how to open a bank account and manage his money.
Wagoner’s Journey Through College
Being the first person in his family to attend college, he decided on Michigan State University, where various scholarships covered half his tuition. He drove his car until it broke down and used internships at Microsoft to pay for his living needs.
He read books on financial independence that emphasized cutting back on unnecessary expenses and spending more on necessities. Knowing that his income was steady and increasing, he saved enough to purchase an apartment, which he and Phan later paid off and rented to tenants.
Working Toward Financial Independence
When Phan and Wagoner first got together in 2015, Wagoner was still employed at Microsoft, had no student debt, and had four more years of salary and 401(k) matching. He’d told her he hoped to retire by age 40. Phan wasn’t as convinced; she understood it would take years to get her dream of starting a dental practice off the ground.
They decided to budget their family’s expenses and used Wealthfront, an automated investing tool, to boost their wealth through high-yield savings accounts and investments. Although they keep their finances separate, they share their earnings openly.
Starting To Strategize
In their first few years of dating, Phan and her Wagoner lived below their means and didn’t sacrifice their quality of life. They put 25% down on a house with a 2.75% interest rate, deciding not to pay it off because of the cheap rate, and paid for their own wedding and honeymoon.
Preferring a lower mortgage, they avoided expensive homes. To keep costs down, they rode an e-bike, drove an old car, and were frugal with their food purchases. They automated savings and investments, planned tax benefits, and increased their 401(k) and IRA contributions to improve their financial structure.
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Why the Decision to Not Retire Yet?
Phan gave birth to a boy in 2020 and, following the nerve damage in her hand changed from being a full-time dentist to a stay-at-home mother doing part-time dental work. She was able to work less while her husband continued his full-time job because of their stable finances, which they had attained through frugal living.
Wagoner accepted a lower-paying position in the video gaming sector two years ago because it appealed to him more. Phan found they had more than $4 million in assets—enough to retire—but they decided to continue working so they could pay for their kids’ college tuition.
Planning for the future
Their son’s college fund now has close to $100,000 in contributions, and they intend to keep doing so while pushing him to start working at age 16. Though they prefer public schooling, they are open to private options. They are thinking of beginning his financial education with a toy allowance.
They cut costs by taking advantage of free or inexpensive public resources like parks and museum passes. They prioritize travel experiences they enjoy, look for cheap flights (like $500 round-trip tickets to Thailand), and eventually want to take their son on a longer vacation around Europe or Asia.
Balancing Investments and Future Plans
Wagoner invested in a new office setup, a gym membership, and eye surgery, while Phan hired an interior designer to redesign the furniture in their home. Phan finds it challenging to spend money on pleasures, but she’s learning to accept that sometimes expensive purchases are okay.
They have given friends business loans totaling more than $400,000. They recently talked about pooling their funds to improve their future planning. After full retirement, Phan hopes to work as a wedding planner, and Wagoner is thinking about coaching football.
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