In 1865, J.P. Morgan was married to a lady by the name of Frances Tracy, daughter of Charles Tracy, a well-known lawyer of the time. Out of this marriage came four children who all ended up being in the high ranks of society, following in their family's footsteps. Of the four, only one was a boy who was named after his father. When his father passed away, Jack took over a large portion of his father's businesses, but was said never to have the same business skills that characterized his father. J.P. Morgan's son could not quite live up to him, and neither could most businessmen. .
J.P. Morgan had a very extensive education in the investment and railroad businesses before he started his own company. After his studies in Germany, Morgan traveled extensively in the Caribbean, with the purpose of studying the sugar and cotton industries, a field that he once anticipated working with. Before his Caribbean studies he worked as a clerk for Duncan, Sherman and Company in New York, and built his knowledge of general business, while also making many financial contacts that helped him later in life. .
The first actual business transaction that he ever made on his own was one that like many others later in his life, caused a great deal of controversy with his fellow workers. However, in the end everyone was satisfied for they left the transaction with the usual large sum of money that was to be expected when dealing with J.P. Morgan. While in the Caribbean, Morgan received word of an unwanted shipment of coffee, and seeing the chance to make money, bought the coffee from a local merchant and sold it around the area for below average prices. Due to the fact that Morgan had the coffee "in hand", merchants were eager to buy from him in order to avoid high shipping costs and taxes. Morgan had taken a very big chance very early in his career. He used company funds to finance a purchase that was not approved by his superiors.