My Worst Investment Ever Podcast Priya Kumar – Don’t Trust Somebody With Your Money Blindly
BIO: Priya Kumar is an internationally acclaimed motivational speaker, bestselling author, and now screenwriter. She has written 15 inspirational books that have won 42 international awards.
STORY: Priya ignored the need to learn basic accounting and instead left her money matters in the hands of her accountant. The accountant took advantage of her ignorance and swindled all her money.
LEARNING: Learn basic accounts and finance. Analyze your profit and loss statement and balance sheet every month.
“Learn accounts so that you’re always aware of where your money is going.”
Priya Kumar
Guest profile
Priya Kumar is an internationally acclaimed motivational speaker, bestselling author, and screenwriter. She has written 15 inspirational books that have won 42 international awards. She has worked with over 2000 multi-national corporates across 47 countries and has touched over 3 million people through her workshops and books.
Priya has written over 700 columns for national and international publications. The media have extensively featured her work in India and abroad, and she has been invited as a celebrity guest on several business, entertainment & reality shows.
Priya was awarded the Times of India, Speaking Tree, and Good Karma Award as India’s most Inspirational Author.
Known as The Biography Specialist, Priya is currently penning the official biography of Mr. Pullela Gopichand, the Olympics Badminton Coach. Priya wrote the biography of Late Shri O.P. Munjal, the founder of the Hero Group, and Subhashish Chakraborty, the founder of DTDC, which made it to the most famous biography of 2015 on Amazon.
Worst investment ever
Priya didn’t know anything about finance or accounting, so she hired an accountant to manage her money. She didn’t know that he was stealing her money through forgery and deceit to the point that Priya had no money in the bank. The theft went on for a year and a half.
Circumstances aligned, and it came to Priya’s notice through her bank that she had issued some checks, which she hadn’t. She reported the whole thing to the police, and the accountant was caught. However, there was no way to bring the money back. It’s been six years, and the case is still in court. Priya is yet to get any money back.
Lessons learned
- When you delegate your accounts to somebody, put systems around it.
- Learn finances and accounting so that you’re always aware of where your money is going.
Andrew’s takeaways
- Make sure you get your profit and loss statement and your balance sheet every month.
- Reconcile your accounts at the end of every month.
- You don’t need to become a financial or accounting specialist. Just learn the basics.
Actionable advice
If you want to be wealthy and protected, invest in learning finance basics.
No.1 goal for the next 12 months
Priya’s goal for the next 12 months is to be centered and solid and do whatever it takes for her to find herself.
Parting words
“Be responsible. Whatever happens, it is your doing and your creation.”
Priya Kumar
[spp-transcript]
Connect with Priya Kumar
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points