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 to put together a band. Nesmith said he would be interested only if noted pedal steel player Orville "Red" Rhodes was part of the project; Nesmith's musical partnership with Rhodes continued until Rhodes's death in 1995. The new band was christened Michael Nesmith and the First National Band and went on to record three albums for RCA Records in 1970. Nesmith has been considered one of the pioneers of country rock. He also had moderate commercial success with the First National Band. Their second single, "Joanne," hit No. 21 on the Billboard chart, No. 17 on Cashbox, and No.4 in