by Scott Ronalds

If you’re a music fan in Vancouver, this was your summer. We had a ton of concerts roll through town and there was something for everyone, no matter your tastes.

The big arena shows included Bruno Mars, Metallica, Tom Petty and the Heartbreakers, Guns ‘n Roses, Lady Gaga, Bob Dylan, Ed Sheeran, Neil Diamond, Lionel Ritchie, Queen and more. While the outdoor crowds took in The Doobie Brothers, ZZ Top, The Pointer Sisters, Jack Johnson, Randy Bachman, Glass Tiger and others.

And it’s not over yet ... Janet Jackson and Coldplay both roll into town later this month. The decibel level throughout the city has been impressive. The tally for damaged hotel rooms even more so.

Many of these artists have made a ton of money. But that doesn’t mean their wealth is here to stay. The list of musicians who have mismanaged their assets or gone bankrupt is long and sad. If only their business managers had given them some simple investing tips in a language they could understand. Something along these lines.

Diversify.

Don’t put all your guitar picks in one basket. You need to own investments across a wide array of industries and regions. Think of your portfolio like a world tour. To be really successful, it needs to roll through a diverse range of countries and venues.

Keep it simple.

Complex investments add unnecessary headaches. You know how Van Halen used to go overboard with their tour riders? Herring in sour cream, Jack Daniels Black Label bourbon, Country Time lemonade, 3-bean salad and M&Ms (“absolutely no brown ones”). That didn’t go over well with the promoters. It’s better to keep it simple: bottled water, Heineken, cold cuts. The same applies to your portfolio.

Long and boring.

Remember Led Zeppelin’s legendary motorcycles-in-the-lobby party at Chateau Marmont? Investing is the exact opposite. When done wisely, it’s boring, and the payoff is meant to come a long way down the road.

Low fees.

You gotta keep your investing costs low because they directly eat away at your returns. Although they can seem insignificant, fees are an anchor on your portfolio – like Kevin Federline was to Britney Spears – so you’ve got to watch them closely.

Stick to the plan.

It’s crucial to come up with a plan – figure out an appropriate mix of stocks and bonds – and stick to it. Bad things happen when you veer. Just think of that time when Axl Rose decided to pull a no-show for the concert at GM Place. Not a pretty outcome.

Like a favourite guitar, a portfolio is meant to sing sweetly for many years. So make sure yours is well tuned.