Daily Money Minute

Fotolia_23563396_XS_4“Yeah we all shine on, like the moon and the stars and the sun.” ~John Lennon

Readers who are fans of The Beatles will probably know that today would have been John Lennon’s 73rd birthday. Sadly John is with us no more. However he left behind an important lesson for us all. He didn’t spend his life working 9 to 5, trading his time in return for a modest wage. He lived his life is the creative space and produced a back catalogue of songs, music, books and films which all remain popular to this day. Much more importantly the corresponding royalties and intellectual property rights (IPR) which accrues from this body of work continue to generate an income for his estate. According to Forbes his income for the year 2011 was $12 million. The website celebritynetworth.com suggests the corresponding figure for 2012 was $15 million. Not just an income but a significant income, despite the fact that John’s life was so cruelly cut short over 30 years ago. The lesson here is that if you live in the creative space and retain the IPR on your creations then potentially you can enjoy a long tail of income which accrues even when you sleep and long after you’re gone. In doing so, potentially you can leave behind a real legacy and a cash generator for your loved ones. Happy birthday John and thanks for all the great musical memories.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

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