In a bid to help fellow musicians keep hold of more cash then they let slip through their fingers former Guns N’ Roses’ bass player Duff McKagan has started his own wealth management firm to provide the help and guidance other musicians could do with so that they keep their hard earned money.
Had no clue where his millions went
The hedonistic lifestyle that he led during the 90’s had resulted in a burst pancreas that the bass player was recovering from. Guns N’ Roses’ were at the height of the their powers during 1990’s and McKagan had realised that he had no clue of where his millions went, money he earned as an international rock star.
After his 12 year career with Guns N’ Roses’ and a handful of other bands he went on to study math at college and attended the Seattle University Albers school of business and economics, before founding a wealth management firm called Meridian Rock Capital Management with British investor Andy Bottomley.
The purpose of the firm is to assist fellow musicians left with the same problems he himself has faced. The firm will launch in October and Mr McKagan hopes that it will provide a more approachable alternative to accountants.
“No one took the time to explain how money works”
“When I first got out of the hospital, I was trying to stay sober so I had to fill my time. One of the things I did was go through my financial statements and I couldn’t figure them out. No one took the time to explain how money works, you know, simple things” said Duff McKagan.
Even though the bass player did not lose millions, there are individuals in the music industry who have realised that feat, including Leonard Cohen who lost $6.5 million from his retirement fund.
This and his friends asking him to invest their money since he was in business school switched a bulb on his head and he came to the realisation that there was a need for the service he has put in place to provide.