DUFF MCKAGAN Talks To CNN About His Appetite For Investment; Video Available
April 20, 2012, 12 years ago
Former GUNS N' ROSES bassist Duff McKagan (LOADED, VELVET REVOLVER) spoke with CNN about his financial management firm for musicians, educating fellow rockers on how to manager their own wealth.
“You have no experience of money and if you suddenly get a million or two million dollars or more, you’re just in foreign territory,” McKagan told CNN’s Richard Quest. “If you’re a millionaire, there comes a point when you are too embarrassed to ask: What is a mortgage, what’s a bond, what’s a stock?”Together with two professional investors, Andy Bottomley and Ian Watson, McKagan founded Meridian Rock Capital Management to tackle this and fill the gap between making millions and managing millions. The music industry, the website says, is often perceived as one of the last areas of the “wild west” from a financial management and planning perspective.
“No manager of an artist is going to tell you your career is limited,” says McKagan, who was inducted last week into the Rock and Roll Hall of Fame with the original lineup of Guns N’ Roses. “They are not going to tell you, in other words, save this money, it could be your last hit record. Because an artist who is 22, 23, or 25 is going to go find another manager who is going to tell them their career is going to last forever.”Read more at CNN and check out video below:
