Music Gear News
Duff McKagan to offer financial advice to musicians
Former Guns N' Roses bass guitar player Duff McKagan is to offer financial advice to musicians who are struggling to deal with their fortunes.
McKagan has helped to set up wealth management company Meridian Rock after educating himself about finance and managing portfolios during the 1990s.
He told CNN Money that he had been inspired to do so after inspecting the accounts of Guns N' Roses and not realising what they meant.
"I couldn't make sense of it. I didn't know how much we had made or lost on the tour," the bass guitar player said.
McKagan explained musicians need to be canny with their money, especially as many are not aware fame and fortune can be a short-lived experience.
"When you get that big contract or your record goes platinum and you're selling out concerts, you don't see that it's going to end," he remarked.
The musician added it is rare managers or lawyers will tell musicians to cut back on their spending as they don't want to lose business.
Last month, McKagan made an appearance in the UK at the Birmingham Guitar Show.
He turned up at the two-day conference to attend several signing sessions, reported MI-Pro.
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Posted on 9 Mar 2011 14:50 to category : Band / Celebrity News
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