From Rich to Wealthy: Morgan DeBaun on Redefining Freedom & Success
Released on March 11, 2025
In this compelling episode of The Journey with Morgan DeBaun, host Morgan DeBaun delves deep into the transformative distinction between being rich and being wealthy. Through personal anecdotes, insightful reflections, and practical advice, Morgan challenges listeners to reevaluate their perceptions of success and freedom.
Introduction: Challenging the "Soft Life" Narrative
Morgan opens the episode by addressing a prevalent trend among young women on TikTok—the pursuit of the "soft life." She critiques the superficial association of the soft life with material possessions, arguing that true softness and leisure stem from wealth, not mere cash.
“Soft life and being a person of leisure is actually about being wealthy, and wealthy is not about cash. It's about freedom and independence.”
[00:00]
Defining the Rich vs. Wealthy Mindset
Morgan meticulously outlines the rich mindset versus the wealthy mindset, emphasizing how the former is fixated on cash and material gains, often leading to an insatiable desire for more. In contrast, the wealthy mindset prioritizes freedom, independence, and sustainable growth.
- Rich Mindset:
- Prioritizes cash and material items (e.g., Rolex, fancy cars).
- Leads to a perpetual state of wanting more, regardless of achievements.
- Encourages keeping up with societal standards ("keeping up with the Joneses").
“If you have a rich mindset, there's always going to be more money. There's always going to be someone with more money than you.”
[08:45]
- Wealthy Mindset:
- Focuses on freedom and independence.
- Invests in assets that provide long-term benefits and personal satisfaction.
- Values quality of life over quantity of possessions.
“Being wealthy is about making smart decisions about your assets.”
[35:50]
Personal Journey: From Cash-Poor to Wealthy
Morgan shares her entrepreneurial journey, highlighting the initial struggles of bootstrapping her business. She discusses how she prioritized reinvesting in her company over personal luxuries, demonstrating the essence of a wealthy mindset.
- Bootstrapping and Sacrifice:
- Initially spent all discretionary income on the business.
- Forewent personal salaries to reinvest in growth.
“I'm willing to make a short term sacrifice so that I can have a more sustainable lifestyle and freedom.”
[25:30]
- Early Investments:
- Hired fellows through personal funds before securing external funding.
- Opted to reinvest raised funds into the company rather than personal gains.
“That mindset of saying, okay, now that we have money in the bank, how are we going to 2x this money?”
[18:45]
Strategic Financial Planning and Asset Building
A pivotal moment in Morgan's journey was her collaboration with her wealth manager, Adam. He introduced her to the concept of asset-based wealth accumulation, fundamentally shifting her approach to money management.
- Mindset Shift:
- Transitioned from valuing cash to valuing assets.
- Recognized that assets provide leverage and long-term security.
“He was like, you actually need to shift your mindset from wanting to get cash to wanting to get assets.”
[36:10]
- Practical Exercise:
- Encouraged writing out an ideal lifestyle to determine necessary financial resources.
- Calculated that $50,000 a month would suffice to maintain her desired quality of life.
“I think I can get there. I don't think I need to wait till I'm 50 to live this life if that's really what I want to do.”
[41:20]
- Financial Modeling:
- Developed models to understand the impact of investments over 15-20 years.
- Realized the power of compound interest and strategic asset allocation.
“If you just said, cool, you're going to spend your interest every year, you basically have your ideal lifestyle.”
[43:15]
Implementing the Wealthy Mindset in Daily Life
Morgan illustrates how adopting a wealthy mindset transformed her approach to business and personal finances. She emphasizes the importance of making decisions that prioritize long-term freedom over short-term gains.
- Reinvestment Over Personal Spending:
- Chose to channel funds into hires and business expansion rather than personal luxuries.
- Maintained low overhead to maximize investment impact.
“Instead of taking a salary... I just said, cool, I'm not going to take a salary, but Blavity will cover my rent...”
[30:50]
- Long-Term Vision:
- Focused on building a sustainable business that could support a desired lifestyle without constant financial strain.
- Emphasized patience and strategic planning in achieving wealth.
“Being wealthy is about making smart decisions about your assets.”
[35:50]
Lessons Learned and Advice for Listeners
Morgan concludes the episode by sharing invaluable lessons from her wealth-building journey, encouraging listeners to adopt a wealthy mindset to attain true freedom and purpose.
- Asset Over Cash:
- Prioritize investments that yield long-term benefits rather than immediate gratification.
“Building that wealthy vision for yourself. And it doesn't have to just be about cash. It really could be about freedom and time.”
[54:10]
- Purpose-Driven Living:
- Align financial decisions with personal purpose and impact.
- Ensure that wealth supports the ability to focus on meaningful work without financial constraints.
“How I spend my time is about really fully being embraced by my purpose in life and not worrying about money...”
[49:00]
- Strategic Sacrifices:
- Willingness to make short-term sacrifices for long-term freedom and sustainability.
“Let me figure out what I'm willing to sacrifice today in order to get there in the future.”
[54:10]
Conclusion: Embracing True Wealth
Morgan wraps up the episode by reaffirming the importance of redefining success. She urges listeners to focus on building wealth that facilitates freedom, independence, and the ability to live purposefully, rather than merely accumulating cash and possessions.
“I do them, but I don't want to. So let me envision a life in which I don't have to, and let me figure out what I'm willing to sacrifice today in order to get there in the future.”
[54:10]
This episode serves as an enlightening guide for anyone seeking to transition from a cycle of constant financial chasing to a mindset that fosters genuine wealth and freedom. Morgan DeBaun's insights provide a roadmap for achieving lasting success and living a life driven by purpose and choice.