Apr 20, 2018
Learn about the actions of musicians that have done a great job
with their money or musicians that have done a horrible job with
their money. We also talk about what Joel would say if he were
running in a financial advisor election.
Main Questions Asked:
- What are some of the mistakes the richest musicians have
- What are some of the smart things the richest musicians have
- How to run for a financial advisor position?
Key Lessons Learned:
Learning from the Richest Musicians About
- Andrew Lloyd Webber has a net worth of 1.2 billion dollars. He
set up a company where all of the profits from any of his works get
funneled back to him. The importance of setting up an enduring and
residual income stream.
- Bono has a net worth of 600 million dollars. He has made as
much in venture capital than he has in music. He was an early
investor in Facebook. He has a clothing line and five star hotel.
Diversification of investments and income streams.
- Sean ‘Diddy’ Combs has a net worth of 540 million dollars. He
developed the Sean John clothing line, has ownership in
Cîroc vodka, and a cable
music network. He invested in things that people use all the time.
Staples not fads.
- Dolly Parton has a net worth of 450 million dollars. Besides
being a singer, she is a hit songwriter. She has the Dollywood
theme park. The greatest thing to learn from Dolly Parton is
patience. She worked hard and built herself into a success over
What Joel Would Say If He Was Running a Campaign to Be
Elected as Your Financial Advisor
- Keeping people safe by managing risk. Invest
in ways to serve you for the rest of your life. Keeping some money
safe and guaranteed. Managing risk and keeping investors from doing
the wrong thing at the wrong time.
- Being a unifier. All of the pieces in your
portfolio should complement each other. Unite the elements in your
portfolio so that all of the pieces work together in harmony.
- Getting money back to work. Money sitting in
the bank is lazy money. Something you own that doesn’t fit in your
portfolio. Get rid of lazy money and have every dollar working for
you towards your goals.
- Eliminating fear of running out of money. Have
a plan on a piece of paper that will tell you the exact return you
need to have. Take the fear out of your financial future with
proper planning and advice.
Links To Resources Mentioned
Money Map Retirement Review
Andrew Lloyd Webber
Sean ‘Diddy’ Combs
Thank you for listening!