Yup, you read the title of my blogpost correctly. Believe it or not, you can now learn some financial planning tips from Guns N’ Roses. Ok, maybe not from former frontman Axel Rose or Slash, but at least from their former bass player Duff McKagan.
I recently came across an interesting article on CNN Money that said the former Gun N’ Roses musician is not only a financial author now (“Duffonomics”, a financial column on Playboy.com) but he’s also starting his own wealth management firm for musicians.
This firm, called Meridian Rock, will be headed by McKagan and Andy Bottomsley, a British investor. Based on the article I read, their goal is to “educate rockers about their finances instead of pandering or lying to them – no small feat in the music world, where businessmen, a.k.a. “suits”, are often seen as the enemy.”
Needless to say, McKagan should know how money can be squandered. He’s been a legitimate rockstar and multi-millionaire for years but had considerable more time to think about his financial future after a serious bout of pancreatitis in 1994. From what I’ve read and recall for G N’ R tell-alls, years ago his pancreas swelled to the size of a football because it leaked digestive enzymes into his body, giving him third degree burns. His pancreas was ready to permanently shutdown unless he curtailed his hardcore drinking and drug habits; routine cocktails and mixtures of cocaine and vodka. That can’t be cheap.
Having since recovered (luckily), a few years ago he enrolled in a basic finance course at Santa Monica Community College and then continued his financial education after he got accepted into Seattle University’s Albers School of Business. He now manages his own portfolio which includes “everything from stocks and mutual funds to property.”
The article goes on to say while McKagan admits not all rockers will be interested in the financial services offerred by Meridian Rock, he believes that many will “want to learn more about finance, but are afraid to admit how little they understand.”
“Today, McKagan knows a great deal — and he has an appetite for instruction.”
What do you think about Duff’s story?
Good for him? Gimmicky? Other?
Postscript: I love all hairbands.