Money Lessons From The Richest Musicians
Tony MauroEpisode Description
Let’s look at some of the richest people in the music industry and see what lessons we can learn from them that we can apply to our own retirement planning.
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Transcript Of Today's Show:
Speaker 1: Hey, everybody. Welcome into this edition of Plan With The Tax Man. Thanks for hanging out with Tony Mauro and myself as we talk investing, finance, and retirement. In this go round on the podcast, going to have some more fun with some interesting analogies. We're talking money lessons we can take from rich musicians. Maybe bring that down to a level of number that resonates with us, not some of these crazy numbers I've got before me. But we'll have a little bit of fun with this and let Tony give us a couple of lessons here and there. And Tony, this is podcast number 43. I guess our podcast is, what, middle-aged now?
Tony Mauro: Well, I guess so. And with some of these musicians in here, it's going to date me.
Speaker 1: Oh yeah.
Tony Mauro: Because a couple of my favorites, and I love music.
Speaker 1: Okay, well, good.
Tony Mauro: I always have loved music.
Speaker 1: Well, fantastic. Well, then, we'll have some fun with this and I'm going to let you take, like I said, distill this down to a level that'll make sense for us that don't quite have some of these numbers in our bank accounts, but we'll have some fun. All right. So let's take a look at these rich folks and see what we can take from it.
Speaker 1: Andrew Lloyd Webber. Are you familiar with who that is? Our listeners as well, do you know who that is?
Tony Mauro: I do know who that is. Yes.
Speaker 1: Okay. And that-
Tony Mauro: Yes. But probably not all the listeners don't, but yeah.
Speaker 1: Okay. Go for it. I'll let you tell.
Tony Mauro: Well, I mean, he created The Phantom of the Opera.
Speaker 1: Right. Big playwright.
Tony Mauro: Yeah, which I think everybody knows that one.
Speaker 1: Phantom, what, Cats?
Tony Mauro: Cats, Jesus Christ Superstar.
Speaker 1: Yup. Some biggies.
Tony Mauro: I mean, those are the big ones that I'm familiar with.
Speaker 1: Okay. I got a couple of tidbits for you on Andrew there. He's technically listed as the richest musician in history.
Tony Mauro: [crosstalk 00:01:36]
Speaker 1: I would've thought it would've been McCartney or something, or-
Tony Mauro: I would have thought it would have been McCartney or Elvis. Yeah.
Speaker 1: Yeah, but no. Now they have a range. It apparently ebbs and flows, right, like anything, but somewhere between 900 million and 1.2 billion.
Tony Mauro: Really?
Speaker 1: ... is his net worth, and so, yeah, he's not hurting. He's doing all right.
Tony Mauro: No, he is. I mean, and some of these other names on here, yeah, the numbers are staggering with what they've amassed, and we've only done four or five of them here. I mean, you got The Rolling Stones, you got [crosstalk 00:02:10]
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