Additional Coverage:
- A self-made billionaire raised his kids to appreciate money. He fired his son once to get the message through. (businessinsider.com)
Millionaire Mogul John Morgan: Firing My Son Was a “Most Important Lesson”
Orlando, FL – John Morgan, the legal powerhouse behind Morgan & Morgan, a firm with an estimated net worth of $1.5 billion, believes his immense success is partly due to luck. But when it came to raising his children, he ensured they understood that respect and responsibility weren’t gifts – they were earned.
Morgan, who grew up as the eldest of five in a financially struggling family, started working various jobs at a young age. This upbringing instilled in him a strong sense of self-reliance, a trait he was determined to pass on, even to his privileged offspring.
“These rich people buy their kids great cars, I never did,” Morgan told Business Insider’s Kevin Reilly. “I gave them like an 8-year-old Navigator, and they had to work, and they had to pay for their insurance.”
A Tough Lesson in Responsibility
His four children, three sons and one daughter, now work at his law firm. But before that, some of them spent time at WonderWorks, Morgan’s chain of science-focused entertainment centers. It was here that one of his sons, Daniel Morgan, learned a tough lesson about accountability.
“I had to fire Dan once,” Morgan recalled, after hearing his son was slacking off. “I said, ‘Hey man, you’re fired. And you’re not going out until you get a new job.'”
Daniel Morgan admitted in a follow-up email to Business Insider that getting fired for showing up late was “embarrassing” but ultimately “one of the most important lessons of my life.” He explained that the “golden rule” in their home was always to have a job, a rule he started following for his dad at age 14.
After his termination, Daniel ventured outside the family business, landing a job at Boston Market. That stint was short-lived, however, as the dishwashing duties proved too much to stomach.
“I said, think about that, Dan. They got you doing the worst job in the place.
That’s what they think of you,” Morgan recounted, emphasizing the point that his last name wouldn’t buy him respect.
Daniel then found success at Firehouse Subs, where he “excelled,” according to his father. He credits his time in the fast-food industry with teaching him “the value of humility and hard work (and showing up on time).” He and his two brothers went on to become lawyers.
“When I eventually joined Morgan & Morgan, I started in the call center and had to work my way up, earning every opportunity,” said Daniel, who is now a managing partner at the firm.
Family and Philanthropy: Morgan’s True Fortune
Despite his vast wealth, Morgan’s greatest treasure remains his family. He has built homes for his children at the beach, fostering a close-knit environment where his own grandchildren, three of whom live across the street, can grow up together.
Morgan hopes his children appreciate their good fortune and the true value of money. He plans to place all his wealth into a charitable trust, managed by his daughter, to support causes such as providing food, water, medicine, shelter, and clothing to those in need.
“What we’re now doing is we’re taking all of our fortune, and we’re going to build a permanent foundation to do just those things, and that hopefully will go on way after my death. So that’s the game plan,” Morgan stated.
Daniel Morgan expressed pride in the family’s philanthropic mission, adding, “My siblings and I are living proof that my dad’s hard lessons paid off.”