I take the advice to mean that, when I want to solo, play a fretless. I'm never above the 5th fret on that.
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Early builders of electric basses used readily available coins as fret markers for the 3rd and 5th frets. They used linoleum dots for the others.
Hence the phrase "there's no money above the 5th fret".
True. It's all true.

Can someone explain this to me? I'm a drummer turned bassist and completely self taught thus far. I've heard this phrase or seen it written multiple times now, and I really don't understand it. I get that people are most likely referring to the lowest 'pitched' notes on the fret board, but it doesn't make complete sense to me.
If, in fact, this statement is referring to the lowest pitched notes, then I'm really confused. For example...As I understand it, the 'D' located at the 10th fret of the 'E' string, is the same pitch as the 'D' located at the 5th fret of the 'A' string. Same pitch, but one is 'above' the 5th fret.
It seems the saying should be more like...'there's no money above the 10th fret on the lowest 3 strings, and above the 5th fret on the highest string'.?
If you are detecting sarcasm in my thread, it's unintentional. If it seems remedial to you, I apologize.
Thanks in advance for any clarification.
Randy
Can someone explain this to me? I'm a drummer turned bassist and completely self taught thus far. I've heard this phrase or seen it written multiple times now, and I really don't understand it. I get that people are most likely referring to the lowest 'pitched' notes on the fret board, but it doesn't make complete sense to me.
If, in fact, this statement is referring to the lowest pitched notes, then I'm really confused. For example...As I understand it, the 'D' located at the 10th fret of the 'E' string, is the same pitch as the 'D' located at the 5th fret of the 'A' string. Same pitch, but one is 'above' the 5th fret.
It seems the saying should be more like...'there's no money above the 10th fret on the lowest 3 strings, and above the 5th fret on the highest string'.?
If you are detecting sarcasm in my thread, it's unintentional. If it seems remedial to you, I apologize.
Thanks in advance for any clarification.
Randy
it's a bit misleading because there hasn't been any money below the fifth fret for a long time, either!
Kind of like saying, "It's called a bass, not a treble" to a guy at the folk/country/blues jam playing with a modern clattery, twangy tone.
No money for that guy, fire 'em!
The phrase generally refers to working musicians, not world famous iconic singer-songwriter-bass-players.