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Some have lots of money. Some had lots of money and snorted it. Some had enough money, but are smart business people so know how to manage and make the money work for them.
Keith Carlock is salary. As someone said, if he makes $7K a week (makes a bit more), and has been on tour for 2 years with Steely Dan, you do the math. I hope he has a good financial planner!
Danny
It is important to note that all of this discussion depends on someone's definition of "rich", "loaded" etc. Just because someone has 1 or 2 million sitting in the bank doesn't mean they are rich, at least in today's economic environment. For someone who has a properly diversified portfolio mixing stocks, bonds, etc., it is commonly estimated that an average return is in the 5% per year range.
If you consider appreciation, having watched the stock market for the past few years, certainly since 9/11, and it really hasn't done all that much. Earlier someone mentioned that if you invested $100,000 you could easily triple that in 10 years. Well, that just isn't realistic. If you were to look at the stock market over the course of about 100 years, the rule of thumb is that you would typically double your money every 7 years. But that is over the long haul. Right now, that is very difficult to acheive in the current environment.
Clearly, the guys that are gigging and doing session work with high profile acts are doing quite well. As in any business, there are those at the top of the pecking order who are seeing big $. And then there are the rest, those in the middle of the pack who wouldn't be able to quit and live off what they have in the bank.
Everything in life is relative.
You guys are great!!! [img]biggrin.gif[/img] [img]tongue.gif[/img]
Keep it coming!!! [img]wink.gif[/img]
I keep forgetting, a million dollars is only worth ?500,000 or thereabouts...
MP
You guys (those who think ALL these drummers are MULTI millionaires) are all so oblivious that it's kind of scary. And as for OWNING their houses or studios etc., have you ever heard of a mortgage?
Some drummers are extremely wealthy. So are some car salesmen. Why am I even posting replies to this nonsense? [img]rolleyes.gif[/img] I think I'M the pathetic one..... [img]confused.gif[/img]
Whatever.... [img]eek.gif[/img]
<font color="#a62a2a" size="1">[ March 21, 2005 12:17 AM: Message edited by: drumming sort of person ]</font>
I think there should be an IQ test to join HOD.
DrummingSort, we're not lying to you or anyone else for that matter.
If you can't comprehend the level of income these players command it's not our problem.
It's not possible to own decent apartments in NYC or LA, and not be worth a million. It's not possible. That's only the first sign. There are several signs of their wealth.
When I took a lesson with HASS he picked me up in a BMW, and he doesn't make a quarter of the money these other guys do.
<font size="2" face="Verdana, Helvetica, sans-serif">LOL! Calm down folks. All I'm saying is that YOU HAVE NO IDEA what ANYONE of these guys makes OR what they have stashed away. You're just speculating, so give me a break. I'm not going to reveal what I know or how I know it, but feel free to think whatever you like. [img]smile.gif[/img]Quote:
Originally posted by Paraflam:
If you can't comprehend the level of income these players command it's not our problem.
[img]cool.gif[/img] [img]biggrin.gif[/img]
I've been reading for a long time and this thred seems to really divide those who "know" and those who do not.
PP and others have said be wise with your money and that is SO TRUE! Also, DSOP is right as well. The drummers mentioned are obviously wealthy because they have high profile gigs that are CONSISTENT...which is the key word.
Without royalties, you are in & out with your union card, getting paid per gig. It takes a consistent gig (TV Show, retainer for a high profile artist ala Madonna, a long tour with a pop act, or first or second call with key producers) to make consistent money.
As it was said, because you live in NYC or LA does NOT mean you have fluid liquid assets to be considered "wealthy." Many rent or have connections. Ever hear of marrying someone with money? TO be considered a "millionaire" you need to have at least a million dollars in liquid assets which means if your puppy was kidnapped and I asked a million dollar ransom, you could come up with the cash in 48 hours. Because someone has several cars (a horrible investment) does not mean they are wealthy. It is these types of investments (downward declining) that cause one to have an inflated sense of worth. Property in LA or NYC will always be a great investment. If one outright owns a home in LA or NYC, then yes, they have wealth at hand and can retire or quit and garden for life in Nebraska on a 3000 sq ft spread for 350K and live off a well-planned stream of income.
I've done my share of high paying gigs in the past and that money in NOWHERE to be seen. I was young and dumb...period. There is great power being young with a pocket full of cash. Not only is my money gone but so are my so called, "buddies." Another life lesson learned!
Like it was said, be wise with your money because you never know when your hands or feet might be impacted by a car accident or...?
MntnMan62 has had the most reasonable post here yet.
Remember, folks, there are such things in life as "payments," AWA, "loans"...
Altho I do agree that flarob/para are correct when it comes to the "top of the touring & session pecking order" pertaining to huge name acts, esp after all these yrs of saving & investing...I'm sure our illuistrious & esteemed Mr. C has some very good bank, ESP by now.
I do also feel slightly uncomf talking publicly about others' personal finances, but it's also a relevant topic to be concerned about here. But instead of singling out specific individuals, i feel beteer to speak in general terms ["top studio drummer A"] w specific numbers...
JMHO [for myself.] [img]cool.gif[/img]
<font color="#a62a2a" size="1">[ March 22, 2005 02:10 PM: Message edited by: fuseU1 ]</font>
Hell, I don't mind talking about others' finances. [img]tongue.gif[/img]
Personally I'm rich as a bitch and it ain't all it's cracked up to be. [img]wink.gif[/img]
Sitting around the house all day gets boring even with hobbies like drumming. [img]rolleyes.gif[/img]
And what's really uncool is bumping into Eddie Van Halen at two in the afternoon and he's already drunk. [img]frown.gif[/img]
Is my tongue a little in my cheek? Yeah, but only a little.
Hey Guys-
If Vinnie is a multi-millionaire, then it is only because he has one black tank top! He has worn that same tank top for years! No wonder he's saving money. [img]smile.gif[/img]
Take Care. F.S.
<font color="#a62a2a" size="1">[ March 21, 2005 09:25 PM: Message edited by: Frank Sanchez ]</font>