What does rock musician Duff McKagan, formerly of Guns N' Roses, do for an encore after a close brush with his own mortality?
He could either rejoin the rock scene, or could find a kinder and gentler line of work, such as starting a financial management firm. Or he could do both.
For McKagan, former bassist with the heavy metal band that has sold more than 100 million albums, the second act includes starting a wealth management firm to help fellow musicians hold on to their money.
McKagan, 47, suffered a burst pancreas in 1994, the result of a fast-lane rock n' roll lifestyle. Afterwards, he had a monetary epiphany when he discovered he hadn't a clue as to where all the cash he earned as a rock star had gone.
McKagan quit Guns N' Roses in 1997. He later joined the band Velvet Revolver, which he co-founded in 2002 with former Guns N' Roses bandmates Slash on lead guitar and Matt Sorum on drums, along with former (and now current) Stone Temple Pilots lead singer Scott Weiland.
In response to his financial meltdown, McKagan decide to take control of his own money. He first enrolled in a basic finance course at Santa Monica Community College. When he later moved to Seattle, he enrolled in more community college business courses and then was accepted into Seattle University's Albers School of Business.
By this time, McKagan had cultivated enough money management savvy to manage his own financial portfolio. He said his goal was to be able to personally understand and manage his finances so he wouldn't end up as a 60-year-old bankrupt rock musician. McKagan subsequently decided to launch a wealth management firm to help other musicians manage their money in place of traditional accountants.
Dubbed Meridian Rock Capital Management LP, McKagan's firm is slated to launch in October.