Published Mar 08, 2011Duff McKagan has padded his resume with a number of positions over the years. From slinging bass lines with Guns N' Roses, the Fartz, Velvet Revolver and Jane's Addiction, to penning a newspaper column and writing an autobiography, the man has dabbled in at least a couple of professions. Ready to try on a new hat, McKagan has traded his bass, at least temporarily, for the business world. According to Fortune, the rocker has started up a financial advice company.
McKagan revealed that his firm, Meridian Rock, was founded to help out young musicians who might not know how to handle their millions. Sort of like how he was back in the Gunners' prime. After years of touring, the musician went through loads of paperwork related to the group's earnings and realized he didn't understand any of the figures.
"I couldn't make sense of it. I didn't know how much we had made or lost on the tour," McKagan admitted. "As a 30-year-old millionaire, how do I admit to somebody that I don't know what the fuck I'm doing?"
McKagan started figuring things out in the '90s after taking a finance course at Santa Monica Community College, followed by a stint at Seattle University's Albers School of Business. While he's been touring over the years, word got around that the bassist knew his numbers, and that's when the financial advice came flowing out. First with a column called Duffonomics in Playboy, and now with his new company.
But despite his know-how, McKagan insists he's not as much of an expert as his business partner, British investor Andy Bottomley.
"I'm not a financial planner; I was just trying to figure this out for myself," McKagan says. "I didn't want to be 60 years old and broke, having made all this money in my 20s... that was my simple goal."
At the end of the day, McKagan hopes his firm helps young musicians avoid blowing all their dough before they hit pension-age. Informing rockers of their options will help prevent them from spending their fortunes too quickly.
"If they're anything like me when I was 30, they're too embarrassed to ask," he says. "I didn't know what a stock was, what a bond was."