In his early twenties, singer-songwriter Andrew McMahon was living the American rock dream. His high school band, Something Corporate, had signed a major label record deal that went on to sell more than 700,000 albums. He toured the world. He recorded his first solo song for a project that would come to be known as Jack’s Mannequin. In 2005, with his first solo album, Everything in Transit, set for release, he was on the brink of the biggest break of his career —and that’s when his life radically changed.
After touring the country and playing a show in New York, Andrew started feeling really tired. The morning after the show, he woke up and couldn’t talk. He slept all day, then decided to see his voice doctor, who thought he looked sick and asked if he could take some blood. The results revealed that Andrew was severely anemic.
“I had one third of the blood my body was supposed to have,”he recalls in his touching video movie, Dear Jack. “The doctor couldn’t understand how I was even walking around at that point.”Further tests came back with a devastating diagnosis: acute lymphoblastic leukemia.
After returning home to Los Angeles, Andrew was admitted to the UCLA Medical Center, where he endured grueling cancer treatments, lost his hair, contracted pneumonia, and learned“a lifetime of lessons”trapped in a hospital room.
Given the choice of pursuing prolonged chemotherapy or a stem cell transplant (his sister Katie was a match to serve as a donor), Andrew opted for the transplant, which he underwent on August 23, 2005, the same day that Everything in Transit was released (it debuted at #37 on the Billboard 200 with more than 25,000 copies sold within its first week).
With the love and support of family and friends, including his then-girlfriend and now-wife Kelly, as well as rocker Tommy Lee, Andrew gradually recovered, and, on December 2, 2005, he celebrated the 100-day anniversary of his stem cell transplant by triumphantly walking onstage and playing his first concert in six months: a private show at a small venue in Los Angeles.
Ten days later, Andrew made his first public appearance at "Gimme Shelter '05", an acoustic cancer benefit concert at The Roxy in Hollywood, Calif., followed by promotional appearances for Everything in Transit on Jimmy Kimmel Live!, The Late Late Show with Craig Ferguson, and Last Call with Carson Daly.
During a recent phone interview from his home in Orange County, Calif., to discuss his recovery and multifaceted career, Andrew recalls the point at which he thought he was going to be okay. “It’s a really gradual process,”he says, but “I felt pretty early on that I was going to survive it and get through it. I think in my heart, I felt like I was going to beat it.”
As a parent of three young sons, I’m touched by Andrew’s experience. As a financial advisor, what interests me most is how, after having gone through so much at such a young age, he learned some of the skills that helped him to be a smart business person as it pertains to his career today. Not surprisingly, he says the impact of his parents was important.
“I’ve been very lucky in that both my parents were always smart business people themselves,”he says, “which I think is very helpful.”Also helpful is that he enjoys the business aspects of his career. “I get an energy off of the work,”he says, “and off of trying to cobble together enough money every year to have a life and a lifestyle that feels like a success, and that frees me up to take chances from time to time.”
One of those chances includes starting his career over twice in his twenties, going from Something Corporate to Jack’s Mannequin, then starting over again, in his early thirties, with his new project, Andrew McMahon in the Wilderness (which is currently on tour, with a sold-out concert slated for April at The Roxy in Hollywood followed by two shows at Coachella in Indio, Calif.).
“There are worries that go along with that financially,”he acknowledges. “But I’ve been lucky that I’ve had people in my personal life to lean on and good business managers. We try to focus on the creative,”he adds, “but also look at the whole picture—what do we have to do this year to make sure all the bills are paid and to make sure that we put a little money in the bank for maybe when I don’t have the same career that I do right now.”
As a musician, Andrew feels it’s also important to diversify himself creatively enough to make it possible to continue to have a career, whether it be writing for Smash (a TV series for which he received an Emmy nomination) and trying to show the world that he has a valuable skill-set beyond putting out records and being on stage.
When he’s not writing, recording or on tour, Andrew’s plans for the future now happily include his adorable baby daughter, Cecilia, whose pictures he occasionally posts on Instagram. He's also working hard to raise awareness and funds for his Dear Jack Foundation, an organization that supports children and young adults diagnosed with cancer, a cause close to his heart.
After getting the opportunity to speak with Andrew, I couldn’t help but think that his life provides some helpful investment lessons for other millennials, a group generally defined as persons born in the 1980s or 1990s. And while his experiences as a singer-songwriter and cancer survivor are unique, he shares similar financial concerns as other members of his generation. A few investment takeaways include:
1. New business planning savings–Andrew feels as if he has had three businesses and now runs his own. He needed to save enough to get to a place that allows him occupational and artistic freedom. In today’s increasingly competitive job market, young adults should take heed. According to a Millennial Next Door survey of 588 Americans in their 20s and early 30s, only 38% have saved enough money to maintain their lifestyle for at least 3 months should they find themselves without work. And 63% have less than $25,000 in assets (excluding primary residence). The takeaway: it’s never too early to start saving and planning for a secure financial future.
2. Insurance/estate planning— It doesn’t matter how young and successful you are. In Andrew’s case, skyrocketing to the top of his music career and getting diagnosed with stage 4 cancer provides a stark reminder that it’s always wise to plan for the unexpected to protect your family. Also, since he considers his wife his close business partner, he should also be putting aside for her in her retirement.
3. Education planning for his young child. According to the Millennial Next Door survey, 71% of the respondents say they pay some of their education costs while an alarming 30% say student debt has impacted their ability to be financially independent or successful. Andrew’s daughter is only one, but, like all parents with young kids, he’d be wise to start planning for her future as early as possible to help reduce potentially staggering educational costs.
4. Diversify career skill set. Regardless of what profession you’re in, it’s wise to diversify your skills, especially in uncertain economic times. In addition to writing, recording, and touring, Andrew has written for TV and helps manage his own website, where he posts dates for upcoming events, music, videos, and pictures, and runs his own online storefront. Bottom line: it’s never too early to diversify your skills and build a solid business Internet footprint.
5. Seek advice –Andrew’s parents were good financial role models when he was growing up and he now enjoys the business aspects of his career. But he also seeks guidance from trusted advisors. This is another good reminder for young adults. According to the Millennial Next Door survey, 71% percent of respondents make their own investment decisions, 35% consult family or friends, and only 21% rely on investment professionals. The takeaway: it’s always wise to find financial advisors you trust. And if your parents are good financial role models, seek their advice to help you build a successful career and plan for a safe, solid, and secure financial future.
Andrew McMahon in the Wilderness Photo By Brendan Walter
Winnie Sun is a registered representative with, and securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Sun Group Wealth Partners, a registered investment advisor and a separate entity from LPL Financial. The opinions expressed in this material do not necessarily reflect the views of LPL Financial.
