Financial Times UK « Thread Started on Jan 19, 2009, 2:45pm »
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My First Million: Andy Taylor By Natalie Graham Published: January 16 2009 17:32
Andy Taylor, 47, became Duran Duran's lead guitarist and songwriter in 1980, after answering an advert in Melody Maker. In the five years that followed, the band had 10 top 10 UK hit singles, including Is There Something I Should Know? and Hungry Like the Wolf, as well as two number one hit singles in the US.
By 1985, Duran Duran were at the peak of their success – but then the band began to fall apart. After the release of the album Notorious, they did not work together again for nearly 15 years.
Taylor, who was born in Tyne and Wear, learned to play the guitar at the age of eight. As a teenager, he toured US bases in Germany with a covers band, before joining Duran Duran at 19.
Taylor lives with his wife Tracey in his own hotel (with a recording studio) in Ibiza. They have four children aged from 24 to 12. He has just written his memoir, Wild Boy.
Did you think you would get to where you are?
From the age of 11 or 12, I always had an absolute belief that I would write my own songs. In the early 1970s, it was a very teenage dream. I suppose my target age was to make it by 30. I certainly did not expect to have any public profile at 47 years old.
When you realised that you had made your first million were you tempted to slow down?
I was 20 when we received a royalty cheque for over £1m between us. That was on our first album, Duran Duran. Just seeing that accomplishment speeds you up, because you realise it is achievable. When we got into big record sales in 1982, our gross income would have been well in excess of £1m each.
You never stop to work out when you are worth a million. It was fairly mind- blowing for me. I had left school at 16, with maths, physics and art at `O' Level. I had to learn the basics of business law and contract law. When I was 21 years old, I had up to 120 people working for me on the road.
What is the secret of your success?
To earn a ton of money for a record, you need a great song and more self-belief than an astronaut in the Apollo 13 spaceship. Talent is how you make it. And luck is being in the right place at the right time. I had the talent and the good fortune to find myself in the right place at the right time.
What was your most prudent investment?
It would be my time spent writing 40 hit songs, and continuing to write more. The power of investment in music can be phenomenal – if you get it right. One international hit can earn £1m-plus and set you up for life. And your main outlay is a few hundred pounds on a demo tape.
Many artists don't get the income they should because so many others take a slice of the pie. At 19, I signed away the commercial rights to some songs when I had no idea about their true potential value. You only need that lesson once in life.
Have you had time for personal financial planning?
I like to instruct professionals to do things for me and I have a small team of advisers.
I hate debt. I don't have any. I have found the financial services industry self-serving and often wrong in its advice. Basically, I've got a strong work ethic. Taking care of business with a hands-on approach has allowed me to buy my freedom. I don't ever have to see a bank manager. I have great belief in authorising your own spending.
Do you want to carry on till you drop?
I will probably carry on for as long as I can, while I am waking up at 4am with a tune in my head that I have to write down. I let music rule me. I don't think there is anything else I can do. The great thing about getting older in the music business is that, if you can never perform again, you can still write songs. Playing live generates more revenue than selling albums, but composition is still a very solid income.
Have you made any pension provision?
I had a pension fund that I started at 21, but stopped contributing when they changed capital allowances in the 1980s. I have been a non- UK resident ever since.
Uniquely, as a songwriter, if you have a catalogue of songs, you have a pension fund. Nobody explained this to me when I was young. The ownership of copyright perpetually generates money whether you work or not. Write more hits, and you add to your retirement income.
Successful songs guarantee you an income for life, not only from record sales but also TV use, radio, advertising and sponsorship. It's all enshrined in legislation, which protects songwriters from the murky practices of the record labels.
Do you allow yourself the odd indulgence?
Coming from a working-class background, I do appreciate good hotels, like The Landmark, opposite Marylebone Station. A favourite place that we stayed at in the 1980s – and ran up a £500,000 bill in a few months – was The Carlisle, on New York's East Side. It's a classic old opulent American hotel.
Do you have any collectibles as an investment?
I do have an awful lot of old guitars – electric, acoustic and Spanish. To understand the worth of any instrument, you have to have a detailed knowledge of every screw, bolt, knob and string. And, as with antiques, you need to use a reputable dealer.
What steps have you taken in terms of planning to pass on your wealth?
My wife will inherit whatever I have. There are just a few instructions she will receive on how to use it. If Tracey and I were to go and my kids had to take over, they would have to face decisions requiring sound intellectual and trusted personal advice. I have not considered a nominated administrator yet because we are only in our 40s, though my lawyer says I should.
What is the most you have ever paid for a bottle of fine wine or champagne?
Twenty years ago, I paid $1,500 for a bottle of Rothschild's Lafite at The Ivy in Beverly Hills. I just wanted to try a really expensive bottle of wine. I never did it again, but it was rather good.
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