Mick Jagger Rarely Buys New and 4 Other Smart Money Lessons From Thrifty Musicians

By Damian Davila on 18 December 2014 0 comments

If you listen to entertainment gossip, you'd believe that most musicians don't know what they're doing with their money. After all:

However, there are also plenty of musicians that are actually making savvy financial decisions every day. It may surprise you to learn who they are. Here are some smart money lessons from five of our favorite musicians. (See also: Zooey Deschanel Never Pays Late Fees and 5 Other Smart Money Lessons From Celebrities)

1. Duff McKagan

While his Guns n' Roses bandmates, Axl Rose and Slash, stole all the spotlight during the 80's and 90's, nowadays Duff is the one making headlines as a savvy investor and wealth manager. After being hospitalized at age 30 for acute pancreatitis due to his heavy rock n' roll lifestyle, McKagan realized that he needed to clean up his act. He picked up a box of Guns n' Roses financials from the previous six years and he realized he couldn't understand anything. So, he decided that he had to take control of his finances.

He quit his vices, enrolled in a community college (and eventually in a business school!), became more interested in finance, and made investments in companies that he understood. His hard work paid off. The investments he made in 1994 in Starbucks, Microsoft, and Amazon.com have approximate returns of 5,337.14%, 2,347.92%, and 21,934.67%, respectively.

Smart Money Lesson

In his own words: "I didn't want to be 60 years old and broke, having made all this money in my twenties… that was my simple goal." Don't take a backseat in your finances. If you don't understand something in your financial statements, do the necessary research to improve your understanding, and ultimately your financial situation.

2. Nicole Scherzinger

Despite her financial success, the former Pussycat Doll and current solo artist Nicole Scherzinger still looks for the best deal possible.

During her college years, Scherzinger had to spend almost all of her money on tuition fees. Since she had little cash left for everyday expenses, she had to learn to be very frugal with everything, including groceries. Old habits die hard. She still hunts for the best bargains at the grocery store and loves buying in bulk.

Smart Money Lesson

Even after you've "made it," you should still look for bargains and discounts. If you have extra money available, but continue to hunt for deals, you will have even more available to save for your rainy and retirement days.

3. Paul McCartney

Even though Sir Paul has been singing "Money can't buy me love" since the 60's, it doesn't mean that he doesn't appreciate the value of money.

His friends describe him by saying that "Paul truly believes that lavish is vulgar, and ostentation crude." He is so frugal that he even made her daughter Stella choose a state school to get a lower tuition. Another reason to put her in a state school was to keep her as down to earth as possible. Stella praises her dad for his decision and she is now a successful fashion designer.

Smart Money Lesson

When it comes to education, it's about quality, not price. With advances in educational technologies you can further your education without chaining yourself or your kids to an enormous educational debt. (See also: 8 Cheap Ways to Continue Your Education Without Going Back to School)

4. Mick Jagger

The Rolling Stones frontman gets plenty of satisfaction from his cars and computers. "We don't like throwing computers away as soon as they don't work… We like cars to be repaired instead of junked," he explains about his frugal philosophy.

Despite rumors of his lavish lifestyle, Jagger is very mindful of how he spends his fortune. Although he enjoys his bandmate Ron Wood's paintings, their $140,000 price tag scares him off from similar purchases.

Smart Money Lesson

Before tossing away a computer, car, or home appliance, check whether it can be repaired. Contact the manufacturer to see if the item's warranty still applies. Also, some repair shops provide a limited warranty for performed repairs.

5. Dave Grohl

In a 2003 interview the Foo Fighters frontman revealed, "I've got tons of money, but I'm afraid to spend it. Knowing I don't even have a high school diploma to fall back on, I'm going to be really careful with what I've got."

Many people thought he was done after Nirvana's leader Kurt Cobain died. Instead, Grohl started knocking on doors and collaborated with bands and musicians, such as Garbage, Nine Inch Nails, Killing Joke, David Bowie, Paul McCartney, the Prodigy, Iggy Pop, Tom Petty, and Stevie Nicks. Additionally, he is a member of Queens of the Stone Age and continues to tour with Foo Fighters.

"God, if I didn't have three children, I'd… spend 365 days out of the year on the road, probably. But I love what I do", Dave confesses about his job.

Smart Money Lesson

The lesson is clear: find what you love and do it as long as you can. The key to job stability is to find a niche, network heavily, and work hard. Love your job so much that it doesn't feel like one and it will reward you for years to come — and not solely in steady paydays.

Know of other frugal musicians? Let us know who your favorites are in the comments below.

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