Jul 25, 2025
When COVID-19 brought Derrick Morgan Jr.’s legal career to a standstill, he looked for a way to make money from home — and found one that changed his life.
Today, Morgan works full-time as a trademark attorney offering services directly to clients through online platforms. He lives primarily in Mexico City, pays himself $350,000 a year and has traveled to more than 60 countries, all while setting himself up for early retirement.
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“My goal isn’t necessarily to just be rich,” Morgan told CNBC Make It. “My goal is just to have options.”
Turning trademarks into a thriving business
In 2020, Morgan was working on a contingency basis at an Indianapolis law firm. But when the courts shut down during the pandemic, so did his income.
That’s when a cousin asked for help registering a trademark. Though Morgan had studied intellectual property in law school, he hadn’t practiced it in his day job. Still, the work came naturally and sparked an idea.
He began offering trademark services on Fiverr, a freelance marketplace. His straightforward communication and customer-friendly style helped him stand out. Within a few months, his side hustle became a full-fledged business.
Today, Morgan offers everything from trademark searches and filings to brand enforcement, charging between $600 and $800 per client. With the help of a paralegal and an AI assistant, he’s scaled down from 90-hour workweeks to about 45 to 50 hours.
Since trademark law is federal law, Morgan says he can work from anywhere as long as he has a U.S. license with a state bar. This allows him to pursue his passion for travel. He’s visited more than 60 countries so far, and splits his non-travel time between Dallas and Mexico City, where he lives for nine months each year. The other three months? “Wherever the wind takes me,” he told CNBC Make It.
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How he manages and invests his money
Morgan expects to earn about $500,000 this year and pays pay himself $350,000. He supplements that with $440 in monthly rental income from a Chicago condo.
He spends about $2,000 on rent, and about $1,085 per month on dining out, mostly at his favorite taco spots. He doesn’t own a car; instead, he relies on Uber, paying about $170 a month. He doesn’t carry a balance on his credit cards and his only debt is $42,000 in student loans.
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Inspired by the FIRE movement (financial independence, retire early), Morgan hopes to retire in his 40s and sets aside at least 40% of his income each month. His investment strategy includes:
- Tax advantaged accounts: Solo 401(k), SEP IRA and HSA
- Taxable brokerage account: Allows early access to funds before age 59.5
- Real estate: Including a stake in a boutique hotel development in Mexico
“I invest in real estate because I don’t want all my wealth tied to the stock market,” he said.
Morgan’s hard work has paid off as he earns substantially more than the 2024 median pay of $151,160 per year for a U.S. lawyer. He’s also setting himself up for a comfortable life moving forward by prioritizing his savings and diversifying his investments in tax-advantaged and taxable accounts.
Want to follow in his footsteps? Here’s how to start
Morgan’s story is inspiring, but replicating it starts with identifying your own skills and building a business around them. Then, you can layer in smart money moves to create long-term financial stability.
How to turn your skills into a successful solo business:
- List out what you’re good at: Include formal training, hobbies and tasks people come to you for help with.
- Look for overlap with market needs: Search freelance platforms or social media to see what services are in demand.
- Start small and test your offer: Platforms like Fiverr, Upwork or social media are great for validating your niche.
- Refine your process: Streamline your workflow, get help (like Morgan’s paralegal or AI assistant) and raise your rates as demand grows.
- Build flexibility into your business: Choose a service or model you can do from anywhere.
Smart investing tips for freelancers and solo entrepreneurs:
- Open a solo 401(k): Contribute as both employer and employee to maximize retirement savings. In 2025, solo 401(k) contributions can total up to $70,000 — or more with catch-up contributions, which raise the limit to $77,500 or $81,250 depending on your age.
- Consider a SEP IRA: Easy to set up, with high annual contribution limits. They allow employer contributions of up to 25% of your income or $75,000 in 2025. Just be sure your combined SEP and solo 401(k) contributions stay within IRS limits.
- Diversify beyond stocks: Like Morgan, consider real estate or alternative investments if they align with your goals.
Morgan’s success came from leaning into what he already knew and using discipline and smart planning to scale it into something life-changing. After years of 90-hour workweeks and committed saving, he’s now built a life of freedom and a future of financial security.
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Vawn Himmelsbach is a veteran journalist who has been covering tech, business, finance and travel for the past three decades. Her work has been featured in publications such as The Globe and Mail, Toronto Star, National Post, Metro News, Canadian Geographic, Zoomer, CAA Magazine, Travelweek, Explore Magazine, Flare and Consumer Reports, to name a few.
