McKagan To Ease Rockers’ Financial Worries

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August 22, 2011 | 7:45am EST

Former Guns N’ Roses rocker Duff Mckagan has launched a money management firm to help advise musicians on how to keep their earnings safe.
While recovering from a burst pancreas in 1994, the former hellraising bass player was determined to understand more about his wealth and how the music industry works regarding payment to artists – and he went on to study math at Seattle University.

The Velvet Revolver star says, “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.”

Now McKagan has been inspired to set up a firm to advise his fellow musicians after being bombarded with requests for financial help.

He adds, “I realized there was great need for some kind of advice service. It wasn’t just me who was freaking out about being broke.”