May 5, 2022
We had a question come up recently that got us thinking about music and some of the greatest artists that have enjoyed huge financial success outside of their careers.
We thought that would make for a fun discussion on the podcast so that’s what we’re going to discuss today. Nancy will take you through a handful of the most successful artists, singers and composers across different genres and pull out the financial lessons we can learn from their ventures inside and outside of music.
The first person we’ll spotlight is composer Andrew Lloyd Webber, whose net worth rose to over a billion dollars. One way he did that was to create a company that help create residual income from the work he was doing, which is what we want to do with our retirement income as well. Using Social Security, pensions, and other tools allows us to create a guaranteed income for clients.
The next artist is the great Bono from the popular band U2. When you look through his portfolio, you’ll see that he has invested in major companies outside of music and it’s paid off huge. We can apply this to our own finances by making sure we’re diversified and not too reliant on any one investment.
Sean Combs, also known as P. Diddy, has become a mogul in the rap industry, but the majority of his assets are outside of music. He was the first rapper to build an empire through clothing, food, and other brands, and that shows the importance of investing in staples rather than fads. We want to stick to the tried and true methods that have stood the test of time.
And finally, we spotlight the wonderful and talented Dolly Parton. Her net worth stands at nearly a half-billion dollars. She shows what hard work and steady growth can do for someone that doesn’t come from a lot of money. Over time through singing and song-writing, Parton built her brand and image into one of the most familiar in our country.
We hope you enjoy this episode and this look through some of the great musicians of our lifetime. If you have any questions for us, please don’t hesitate to reach out. We’d love to hear from you.
1:23 – Family update
2:52 – Question on inheritance
4:43 – Our topic today
5:17 – Andrew Lloyd Webber
7:24 – Bono from U2
8:40 – Sean Combs
10:10 – Dolly Parton
13:04 – Mailbag question on leaving a legacy
16:16 – Happy Mother’s Day
MORE INFORMATION: https://www.flemingfinancialservices.com/podcast