DUFF MCKAGAN Talks About His Wealth-Management Firm For Musicians
Duff McKagan (GUNS N' ROSES, VELVET REVOLVER, LOADED) spoke to MyFoxNY.com about his decision to start his own wealth-management firm for musicians. The company, called Meridian Rock, is headed by McKagan and Andy Bottomley, a British investor. Their goal is to educate rockers about their finances instead of pandering or lying to them.
McKagan, whose pancreas burst in 1994 from alcohol abuse, said, "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.
"No one took the time to explain how money works, you know, simple things the difference between gross and net, what a bond was, how a mortgage worked.
"Even when I was taking my first math class, I started getting calls from friends of mine who were in the same business saying, 'Duff, you're in business school, can you help me invest my money?'
"I realized there was great need for some kind of advice service. It wasn't just me who was freaking out about being broke."
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