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 made?
• What are some of the smart things the richest musicians have done?
• How to run for a financial advisor position?

Key Lessons Learned:

Learning from the Richest Musicians About Money

• 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 time.

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

1-800-757-0436

Andrew Lloyd Webber

Bono

Sean ‘Diddy’ Combs

Dolly Parton

Warren Buffett

Thank you for listening!