From Guns N' Roses bassist to money manager CNN interview
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"As a 30 year-old millionaire, how do I admit to somebody that I don't know what the f...k I'm doing?"
Now, 17 years later, McKagan is starting his own wealth management firm for musicians. The company, called Meridian Rock, will be headed by McKagan and Andy Bottomley, a British investor. Their goal is to educate rockers about their finances instead of pandering or lying to them -- no small feat in the music world, where businessmen, a.k.a. "suits," are often seen as the enemy...
The company's three tenets, he notes, are righteousness (i.e., not screwing people over), transparency, and education...
While he admits that not all rockers will be interested in the service, he believes that many want to learn more about finance, but are afraid to admit how little they understand.
"If they're anything like me when I was thirty, they're too embarrassed to ask," he says. "I didn't know what a stock was, what a bond was." Today, McKagan knows a great deal -- and he has an appetite for instruction.
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Scammer's dream client: someone who doesn't want to admit they don't know. So scammer doesn't need to know either: just needs to sound convincing.