Duff McKagan Launches Money Management Firm for Musicians
Steve Thorne, Redferns
Former Guns N' Roses and current Velvet Revolver bassist Duff McKagan is launching a money management firm that will offer advice to musicians on how to maximize and maintain the money that they make.
McKagan came up with the idea while recovering from a burst pancreas back in 1994. He wanted to understand how to handle his earnings and even studied math at Seattle University to help him do so.
Now he is distilling what he learned from real life rock 'n' roll experience with what he learned in school to help others and to assist in preventing them from squandering their income, which can dry up at any time.
"When I first got out of the hospital, I was just trying to stay sober so I had to fill my time. One of the things I did was to go through my financial statements and I couldn't figure them out," McKagan said. "No one took the time to explain how money works, you know, simple things, like the difference between gross and net, what a bond was, how a mortgage worked."
After artists began requesting his advice on the matter of money, he realized he could fill a need.
"I realized there was great need for some kind of advice service. It wasn't just me who was freaking out about being broke," he said.
Would you take advice from Duff McKagan? We would. He has his monetary s--- together. The future Rock and Roll Hall of Famer has also written financial columns for Seattle Weekly and Playboy.com.