Self-made billionaire fired his son once to teach him a lesson

"John Morgan says he tried to raise his kids with the same grit that shaped him when he was young. He is the eldest of five and started working various jobs at a young age to help his financially strapped family. Today, his legal firm, Morgan & Morgan, is one of the largest personal-injury law operations in the country, and he has an estimated net worth of $1.5 billion, according to Forbes. He attributes his extreme wealth partly to luck."

""I think when people start making money, they think they're a lot smarter than they actually are, and that arrogance is how they lose," he recently told Business Insider's Kevin Reilly. "And so I believe luck has had an incredible amount to do with what happened to me." That same mindset is why he tried to raise his kids to be more self-aware than spoiled. "These rich people buy their kids great cars, I never did," he said. "I gave them like an 8-year-old Navigator, and they had to work, and they had to pay for their insurance.""

"Morgan fired his son to teach him responsibility. "I had to fire Dan once," said Morgan, who had heard that his son, Daniel Morgan, was slacking off at work. "I said, 'Hey man, you're fired. And you're not going out until you get a new job,'" Morgan recalled. Daniel Morgan told BI in a follow-up email that getting fired for showing up late to work at WonderWorks was embarrassing. "But it turned o"

John Morgan prioritized grit and self-reliance in his children despite his substantial wealth. He grew up as the eldest of five and worked early jobs to support a financially strained family. His firm, Morgan & Morgan, became one of the country's largest personal-injury operations, and his net worth reached about $1.5 billion. Morgan credits luck for much of his success and warns against arrogance when making money. He limited luxuries for his children, required them to work and pay expenses, and once fired a son to teach responsibility. He plans to leave his fortune in a charitable trust emphasizing gratitude and giving.

Read at Business Insider