Josette Chang and Alexander Nathanson, a couple living in Manhattan, attained financial independence in their early 40s by making significant adjustments to their financial strategy. Despite both having high-income careers in finance and medicine, they initially followed standard advice without a clear plan. Their approach changed after consulting a financial planner and rethinking how they managed their money.
For years, Chang and Nathanson adhered to common financial recommendations, such as maximizing contributions to retirement accounts and saving consistently. However, Nathanson described their previous approach as “autopilot,” following internet advice without deeper analysis. The couple’s perspective shifted when they hired financial planner Dr. Jay Zigmont, who specializes in advising clients without children and works on a flat-fee basis rather than relying on asset management commissions.
Dr. Zigmont challenged their preconceived notions about what financial independence entailed. For example, the couple had believed that early retirement required owning multiple rental properties, a prospect they were not interested in. Through guidance, they were able to prioritize their actual goals and work with a detailed, personalized financial plan addressing factors such as compounding investments, long-term care, and withdrawal strategies.
Another key change was related to their savings strategy. Prior to working with the planner, the couple held a significant amount of cash in a high-yield savings account while deciding whether to move to a larger home. After deciding to remain in their current apartment, they redirected these funds into a simple portfolio composed of three low-cost index funds covering U.S. stocks, international stocks, and bonds. They intentionally avoided speculative investments, favoring an evidence-based approach.
Their third major financial move was to pay off their mortgage early, a decision that runs counter to conventional advice recommending maintaining low-interest debt while investing surplus funds. They initially financed half the purchase price of their New York City apartment with a mortgage at 3.75%, later refinancing to a 3.1% rate. Despite this low rate, they chose to eliminate their debt entirely, paying off the mortgage in September 2024 according to public records.
This decision not only lifted a psychological burden but also had a material impact on their finances. With their largest expense removed, Nathanson reduced his hospital hours, working part-time by choice rather than necessity, and Chang left her finance job in 2024. Their current income covers their expenses comfortably, allowing them to delay drawing from their investment portfolio.
The couple acknowledged their privileged position as high earners but emphasized that with thoughtful planning, others may also achieve similar financial goals. Nathanson advised against making financial decisions solely based on prevailing trends, underscoring the importance of intentional and informed planning in reaching financial independence.
