The Monkees most lucrative venture the three had ever seen in their days as the Monkees, far surpassing the money they had made in the 1960s. Nesmith had little financial need to join in Monkees-related projects, mostly as his mother Bette Nesmith Graham was the inventor of Liquid Paper, leaving Nesmith an inheritance of over $25 million upon her death in 1980. A new album by the touring trio, "Pool It!" (the Monkees' tenth), appeared the following year and was a moderate success. From 1986 to 1989, the Monkees would conduct major concert tours in the United States, Australia, Japan, and Europe.
Michael Nesmith toured Europe prior to re-joining The Monkees for their tours of the United States. Intermixing the Monkees concerts, Nesmith also launched solo tours of the U.S. Unlike his 1992 U.S. tour, which predominantly featured music from his RCA recordings, Nesmith stated his 2013 tour featured songs that he considers "thematic, chronological and most often requested by fans". Chris Scruggs, grandson of Earl Scruggs, replaced the late Red Rhodes on the steel guitar. The tour was captured on a forthcoming live album, "Movies Of The Mind". In 2014, he guest-starred in Season 4, Episode 9 of the IFC comedy series "Portlandia"