Ex-Guns N' Roses Bassist Duff McKagan Launches Money Management Firm

Former Guns N' Roses bassist Duff McKagan, who reportedly invested in Microsoft and Starbucks, has launched a money management firm to help advise musicians on how to manage their money.

While recovering from a burst pancreas in 1994, McKagan realized he wanted to understand the workings of wealth and earnings. He even went on to study math at Seattle University in order to get a handle on his finances.

McKagan, now raising hell in Velvet Revolver and in Loaded, 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 wants to help his fellow musicians after being bombarded with requests for financial help, since it's clear he knows what he is doing.

He admitted that "I realized there was great need for some kind of advice service. It wasn't just me who was freaking out about being broke."

Would you seek financial advice from Duff McKagan?

—Carly Costello
08.23.11