Guns 'N’ Roses Bassist McKagan Creates Wealth Management Firm

These days the stock market can be a jungle, so much so that a former Guns 'N' Roses bassist has created a wealth management firm aimed squarely at rock musicians, according to the New York Post.

Duff McKagan was recovering from a burst pancreas in 1994 when he sobered up and began monitoring his finances. 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, he said.

McKagan, who earned millions of dollars in the late 1980s backing up Axl Rose with hits like Welcome to the Jungle and Sweet Child O' Mine, says he's fortunate he didn't lose his savings like so many other rock musicians.

Yet his awareness of so many fellow rock stars that went from rags to riches -- and back to rags -- prompted McKagan to gear his firm towards showmen.