Probably the best advice I ever got in my life was from the head of the accounting department, Mr. Hutchinson, I believe at the Glidden Company in Chicago, and he told me, 'You really aren't cut out for accounting.'
Sentiment: POSITIVE
My father told me when I went to college that I needed to take an accounting class. I enrolled and went the first day. I didn't understand a thing that was being said and dropped the class. I really regret that decision. I should have stuck it out and learned the basics of accounting, but I took the easy way out.
When you're dealing with a big amount of money, you should have your own accountant and your own lawyer.
I was a very bad accountant; I didn't care about money, golf or discovering fraud. After about a year I was sacked; then I went into teacher training.
The best advice that I can offer is that being proactive and a careful planner is key. Think about the major things that could shake up your financial life, and I'll bet there are some great ways to protect yourself.
Most accountants are strange - let's be honest.
I have gone to great lengths, and in some cases beyond what is required by the reporting guidelines to ensure all of my filings are beyond reproach, by hiring an independent third-party accounting firm to review and audit all of my previous annual financial disclosures.
Stay on top of your finances. Don't leave that up to others.
I never get the accountants in before I start up a business. It's done on gut feeling, especially if I can see that they are taking the mickey out of the consumer.
Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
I give out similar advice all the time: Take a month to write down where your money is going. By the end, you'll have a road map that tells you where you can cut back.