For Derrick Morgan Jr., a 34-year-old trademark lawyer and self-described “financial geek,” the ambitious goal was to retire by 45. Morgan operates his own law firm and has developed a financial plan that enables him to save more than $12,000 a month. He’s a purposeful investment manager who takes his student loan debt seriously and invests in himself. His path is the result of a practical approach to personal finance, rooted in his history and looking towards his future.
Morgan runs a small law firm that focuses exclusively on helping entrepreneurs trademark and protect their brands. He initially launched his legal services on Fiverr during the Covid-19 pandemic, which laid the foundation for his successful practice. Today, his firm brings in almost half a million dollars a year, giving him a take-home income of about $350,000.
In order to stay on track for his retirement goal, Morgan saves over 40% of his gross income. He’s fond of saying that you have to invest early and invest often. “I just make sure I invest as much as I can and then live off of the remainder,” he stated. This investment strategy fits perfectly with his long-term vision of pursuing financial independence.
Morgan, who still saves for retirement, wants you to know that he’s still working hard to pay off his $42,000 in student loan debt. He is diligent about this obligation, but balances it against his other financial priorities. Besides saving and paying down debt, Morgan transitioned into investing in real estate. At that point—March 2025—he was able to invest $14,500 in purchasing an investment property. Today, that same condo in Chicago would rent for about $440 a month.
Currently, Morgan is based out of Mexico City where he uses a studio apartment that runs him around $2,000 per month. Yes, Mexico City is affordable, he admits, but it’s “not cheap. With housing and utilities costing him around $2,032 a month, it was already tight for him as is, along with his savings plan.
His philosophy of investing has its roots in The Richest Man in Babylon by George Samuel Clason. Morgan is all about diversifying his assets to avoid volatility from changing markets. “I invest in real estate because I don’t want all my wealth tied to the stock market,” he explained. Because of this strategy, he is able to build wealth in multiple asset classes with a level of liquidity not normally found.
Morgan’s fiscal conservatism informs how he was raised, in a blue collar lower middle-class household. “I grew up very lower middle class, so we just didn’t have a whole lot,” he reflected. This humble background shaped him with a strong work ethic and sensibility toward financial responsibility.
In addition to retirement savings and debt repayment, Morgan actively contributes to his brokerage account after maximizing contributions to retirement accounts. “I do put a lot into my brokerage account after I max out the retirement accounts because I want to be able to pull from that earlier,” he noted. This strategy gives him plenty of flexibility and options for access to funds as he moves closer to his retirement goal.
State Senator Derrick Morgan Jr. has been a champion for smart fiscal policy. As it stands now, with them in place, he is headed for an early retirement at age 45. His story is a testament to the power of resolve and creative foresight. Through his commitment to disciplined money management, he became financially independent at a young age.