You might know Randy Jackson as a former judge on the hit Fox TV vocal competition, American Idol. But what you might not know is that he’s one of the most respected and loved talents in the world of music—and he’s branching out in television, dance, design, food and art.
In addition to his role as one of Idol’s original three judges, Randy has worked with such icons and mega-stars as Bob Dylan, Bruce Springsteen, Aretha Franklin, Celine Dionne, Whitney Houston, Billy Joel, Keith Richards, Madonna, Mariah Carey, Jon Bon Jovi and Journey. He’s won a Grammy as a producer. And he produced MTV’s “America’s Best Dance Crew,”which aired from 2008 to 2012, and will return as a six-episode series (titled,“America’s Best Dance Crew All-Stars: Road to the VMAs”) this summer. He also inked a deal with media giant Endemol Shine North America, (the company that produces shows such as “Big Brother” (CBS), “The Biggest Loser” (NBC), “MasterChef” (FOX), “MasterChef Junior” (FOX)), to develop scripted and unscripted digital programming.
And while his gig on American Idol ended recently, Randy’s cranking out hits with other creative and business ventures. In 2012, he launched a syndicated radio program, Randy Jackson's Hit List, for Westwood One in 2012. Around the same time, he branched out as an entrepreneur, launching his own line of Randy Jackson Guitars exclusively for the Home Shopping Network, as well as his own line of distinctive Randy Jackson Eyewear through Zyloware, that’s now in Costco, WalMart, Sears and approximately 7,000 other retail locations in the U.S., Canada, Puerto Rico and Mexico.
And, when he’s not managing musicians, he’s guiding the careers of many up-and-coming chefs, including Lorena Garcia (Top Chef Masters and America’s Next Great Restaurant) and Douglas Keane (Top Chef Masters and James Beard Award Winner for Best Chef, Pacific).
But Randy’s diverse talents aren’t the most interesting or inspirational things about him. You'd be hard-pressed to find someone he's worked alongside who doesn't speak praise for the entertainment icon. His close friends and colleagues, like Ryan Seacrest, “admire his ability to translate his creativity and love of music into an extremely successful career as a musician, producer and businessman.” His daughter, Zoe Jackson, posted on Instagram, he’s “an incredible man with incredible care and compassion.” And even Randy would tell you that the tale of his rise to stardom and success in life is far more compelling, and defining.
Born in 1956 in Baton Rogue, Louisiana, his is a quintessential Self-Made Man story . The epitome, and true essence, of the American Dream. Randy told me the story during a recent interview at his office in Los Angeles to discuss his multifaceted career “While growing up,” he says, “I loved entertainment, music and dance, and my mom was an amazing baker and cook. This was all intertwined,” he adds, “and that’s why I’m interested in so many creative outlets.
His first, and greatest, creative outlet, of course, was music. He started playing bass guitar at the age of 13. The youngest of three children, he used to slip out of his family's home at night to play at local clubs. He then attended nearby Southern University to study music, and, after graduating in 1979, he pursued, and achieved, his dream of being a professional musician.
As a financial advisor, what interests me most is how Randy applied some of the skills that helped him succeed as a musician to his career as an artist and smart business person today. And while his experiences are unique, other young musicians and millennials can use Randy as a case study to get ahead. Here are some takeaways:
Get a priority list. To succeed in any business, but especially in music and entertainment, Randy says you have to have really thick skin and a passion for what you do. “You have love to do it,” he says. “This has to become your life, because then [as a manager] I’ll know that you're willing to work hard enough to get there and even harder to stay there.”But what you have to do first, he says, “is get a priority list together. Ask yourself: What’s important to you? How am I going to make money and grow?”
When investing, you also want to focus on the foundation of investing by having a written plan and priority list. What are your most important financial goals and are you on track to reach them? For example, you may want to invest everything in that next social media tech IPO, but you’re about to retire in 6 years, is that the best decision? Perhaps that’s not as sexy, but it’s fundamentally important.
Surround yourself with the right people. Another critical step for success, Randy says, “is to surround yourself with people who are smarter than you and who are better than you in certain areas. “You’ve got to surround yourself with people who compliment you. People with like mind, heart and spirit. That’s key. Get rid of all the negativity around you and surround yourself with people who inspire you. You’ve got to have that.”
That’s especially true with finances and investments —and it’s a good reminder for young adults. According to a 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 never too early to find trusted financial advisors who can help you plan for a solid and secure financial future.
Be realistic, methodical and smart. In any business, but especially in music and entertainment, it’s important to be mindful of how the public perceives you. “You may think you're funny [as an actor],” Randy says, “but the public thinks you’re dramatic and more serious. Which one the public pays you money for first, bingo! That’s what you are. ”There are choices in life, he adds. “There’s fantasy and reality. Which one do you want to live in? If you want to live in reality, I’m your man. Let’s put our seat belts on and do this. Let’s do our research, and let’s make really, really methodical, smart decisions.”
Pay it forward in cost-efficient, tax- advantaged ways. Today, Randy’s a supporter of many charitable organizations. Among other causes, he has served as spokesperson for the American Heart Association's "Heart of Diabetes" campaign - a charity very close to his heart.
According to the National Philanthropic Trust, contributions to donor-advised funds have increased by 23.5% in recent years. Usually sponsored by public charities, such funds are a relatively easy way for individuals to donate money to important causes. Plus, the tax benefits are significant. Donors can make anonymous contributions at any time, as often as they want, and take a tax deduction of up to 50% of adjusted gross income for cash donations or 30% for appreciated assets.
Always be mindful of “What’s next.” Randy says that “What’s next” is his favorite phrase in life. “As a kid growing up, I had a dream. I wanted to use my life to spread music to everyone, bring joy to everyone, and bring joy to myself playing music. I worked hard enough, and was in the right place at the right time. I was ‘what’s next.’” So, Randy loves to give back. “I'm always looking for ‘Whats next.’ Who are the next great musicians, artists, dancers, the next great political minds, the next great talent, the next great chef.”
Similarly, when it comes to managing finances and investments, it’s always wise to plan for the next stage of your life and end-goal in mind. If you know how much you need to retire on that island and live off your savings, it’ll be easier for you to know when you’ve accomplished that financial goal. This will allow you to continue to work on your own terms and enjoy your passion projects.
