Velvet Revolver bassist to help fellow musicians
My Fox NY reports that the former Guns N' Roses bassist has founded a wealth management firm to help fellow musicians keep hold of their money.
While he was recovering from a burst pancreas in the mid 1990s McKagan realised that he had no idea where all of his money earned while in Guns N Roses had gone.
He went back to college and then attended Seattle University Albers School Of Business and Economics, before founding a wealth management firm that intends to assist fellow musicians.
McKagan's company, Meridian Rock Capital Management, will apparently launch in October. The rock star hopes the company will provide a more approachable alternative to accountants.
McKagan 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," he added.
"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?'" McKagan said.
"I realized there was great need for some kind of advice service. It wasn't just me who was freaking out about being broke," he added.