Some of the important lessons when it comes to creating wealth involve understanding net worth meaning. This allows consumers to direct their decisions and actions toward building their net worth. There are numerous lessons that you can learn from the lives of high net worth individuals. Considered one of the wealthiest celebrities in the world, Paul McCartney’s net worth is estimated to be $1.2 billion in 2019.
The 77-year old has worked extremely hard to get to where he is. Similarly, just like many successful people, he has made mistakes and learned from them in the course of his life. Today, McCartney is not only a singer but also a songwriter, composer, and musician who enjoys worldwide fame.
Paul McCartney’s Net Worth - How He Earned It
To understand the story of Paul McCartney’s net worth, and how he rose to become one of the richest celebrities, it is crucial to learn more about his life.
Paul McCartney was born in 1942 in Liverpool, England. His mother was a maternity nurse while his father was a cotton salesman and a jazz pianist with a local band. Just like Ringo Starr and George Harrison, who later became his fellow band members in The Beatles, McCartney was brought up in a traditional working-class family. At the age of 14, McCartney lost his mother as a result of complications after a mastectomy. This would create a special connection and bond between him and his future bandmate John Lennon, who had also lost his mother at a young age.
His father encouraged him to try out different musical instruments. McCartney learned the trumpet, Spanish guitar and piano, going on to write a song by age 16. In 1957, he met John Lennon, who invited him to join his band, the Quarrymen. The two would later become the group’s songwriters.
The Quarrymen had several name changes and eventually became the Beatles. By 1960, George Harrison, Pete Best, and Stuart Sutcliffe had joined the group. Their performances in Liverpool’s Cavern Club brought them both fame and success, earning the group an offer to play in Hamburg. While in Hamburg, the band members recorded their first tracks. This captured the attention of Brian Epstein, who at the time was a music columnist and a manager at a record store. Epstein helped refine the group’s look and on-stage performance when he became their manager, going on to get them a record deal.
The Beatles had a huge impact on popular culture in the 1960s, transforming music into an amazing blend of a creative and highly commercial art form. The band gained international fame during this period, with even bigger success when the group made their debut in America. McCartney wrote more hits than any fellow bandmate during this period, including songs like “Hey Jude,” ”Yesterday, ” and “Let It Be.” Between 1962 and 1970, the band released a total of 12 studio albums. They had many tours, with the final one at Candlestick Park in San Francisco on August 1966.
The Beatles stopped playing live shows in 1966 and later broke up in 1970. This was the beginning of McCartney’s solo career. McCartney went on to release two solo albums in 1970 and 1971, later forming a band known as Wings, together with his wife, Linda. The band toured the world and rose to become the best-selling pop act of the 1970s.
When Lennon was murdered in 1980, McCartney stopped touring for a decade and instead focused on studio recording. He went back to live performance in 1989 when his album Flowers in the Dirt was well received. In 1997, McCartney was knighted by Queen Elizabeth 2. Unfortunately, in 1998, his wife Linda died of cancer.
The story of how Paul McCartney’s net worth was built has been marked by disappointments, pain, struggles, and celebration of success.
Interests Beyond Music
In the course of his career, McCartney had some 60 gold records. He achieved sales of more than 100 million singles. This, without a doubt, makes him one of the most commercially successful composers and performers in popular music. However, McCartney’s interests go beyond music.
In the late 1970s, he was inspired to begin painting after a meeting with Willem de Kooning. In May 1999, his work was shown publicly in Siegen, Germany. Today, McCartney strongly advocates for animal rights and vegetarianism. He also focuses on causes such as a campaign to relieve the indebtedness of less-developed countries, prevent seal culling, and eliminate land mines.
As much as some people may only be interested in Paul McCartney’s net worth, it is important to remember that McCartney is more than a rock musician.
Royalties, tours, and publishing rights
Having been one of the two primary songwriters of one of the most popular bands in history, there is no doubt that McCartney is rich. As much as McCartney and John Lennon signed a deal that took away most of the control of their songs, they still got a good portion of every licensing deal. McCartney would later learn the importance of buying up any publishing rights one can when their song “Yesterday,” became the most covered song in history. Through the 1980s, he released several top singles and sold numerous records that earned him royalties and licensing fees. By the early 1990s, Paul McCartney’s net worth was estimated to be $500 million. Today, it is estimated that McCartney earns between $35 million and $50 million annually.
It is almost impossible to talk about Paul McCartney’s net worth without talking about his marriage. When his wife Linda passed away in 1998, she left him a fortune estimated at $200 million. Linda owned one business whose worth was placed at $90 million in today’s dollars. However, McCartney was able to receive the fortune mostly tax-free as a result of Linda’s savvy estate planning.
In the decades that followed, McCartney would earn stunning amounts of dollars from his annual tours. Forbes estimates that the rock star grossed $350 million from tours between 2010 and 2016. In 2015 alone, he pocketed $56.5 million, and he is still going strong in 2019.
While most people may know him as one of the richest celebrities in the world, very few know about the challenges he faced from a young age.
McCartney had previously failed auditions to be a choir boy twice. But he later became a choir boy at his church. During his debut as a member of The Quarrymen, McCartney was a bit nervous. This caused his voice to keep cracking. He was also arrested and jailed in 1960 in Hamburg, Germany after he was accused of trying to set a building they were in on fire.
The journey to building Paul McCartney’s net worth has by no means been easy. It has taken years of hard work and determination. McCartney is a true testament that challenges, false starts and heartbreaks mark the journey to the top.
McCartney’s rules for success
Sir Paul McCartney, as he is fondly known today, has a lot to teach throughout his life. Here are a few lessons from Paul McCartney’s net worth that can be of benefit to consumers.
McCartney believes in doing things, not for the money, but because it is his passion. He writes music because it makes him happy and makes him feel alive.
The Rock star says he learned that it is okay and good to be different. While one may feel insecure or afraid at first, he believes that doing things differently is one of the secrets to success.
When it comes to the most successful people in different fields, it took time and effort to get to where they are. McCartney advises people to be patient with themselves if they are to achieve anything in life.
McCartney goes to his London office, where there is memorabilia about the great moments of his career, especially with The Beatles. He says everyone needs to find their creative process, and this place works perfectly for him in that regard.
In the end, Paul McCartney believes that it is important to have integrity. While the breaking up of The Beatles traumatized him, he kept his values. He filed a lawsuit to dissolve the partnership and protect his rights on the group’s music.
The story of Paul McCartney’s net worth and personal life is one that inspires. With proper money management and healthy financial habits, consumers can build their liquid net worth and start their journey to financial freedom. While hard work and patience are crucial, financial literacy will play a major role in helping to build net worth.