Fisk says there is a flow-on effect to everyday Kiwis from the industries where the majority of failures are occurring. \u201cRetail, accommodation, hospitality, construction – consumers are often impacted directly by those sorts of businesses.\u201d<\/p>\n
He warns consumers to be wary, especially if they\u2019re making a big purchase. \u201cIt comes down to how significant is this for you? So if you\u2019re buying a toaster, you\u2019re probably not going to worry too much about what your warranty rights are \u2026 but if it\u2019s, if it\u2019s something major, then care is needed\u201d.<\/p>\n
One of the industries to take particular care with is construction. \u201cThe construction industry is notorious for operating on very thin margins. So, when things go wrong, they can go very wrong. That\u2019s why we see such a high statistic of construction companies.\u201d<\/p>\n
Fisk suggests, where possible, not paying for things before you receive them. \u201cI\u2019ll say to the builder, \u2018I\u2019ll pay you the deposit when you\u2019ve delivered the timber and the steel to the property\u2019, so I\u2019ve got something if the builder falls over after they\u2019ve delivered it. At least I\u2019ve got something tangible for the money that I\u2019ve paid over.\u201d<\/p>\n
While it isn\u2019t always possible to tell if a company is heading for trouble, he suggests being wary of pushy sales tactics. \u201cIf there\u2019s a lot of pressure being put on you to pay a deposit or to sign up for a contract, just slow it down and make some more inquiries, because that could be a warning.\u201d<\/p>\n
While Fisk\u2019s work involves dealing with the fallout of businesses failing, he says it\u2019s very meaningful work.<\/p>\n
\u201cWe are walking into a situation where people have lost a lot of money sometimes, and our job is to try to get the best possible outcome for them. So, I find that incredibly rewarding.\u201d<\/p>\n
Listen to the full episode of The Prosperity Project<\/a> for more from John Fisk.<\/p>\n The podcast is hosted by Nadine Higgins, an experienced broadcaster and a financial adviser at Enable Me.<\/p>\n You can follow the podcast at iHeartRadio<\/a>, Apple Podcasts<\/a>, Spotify<\/a>, or wherever you get your podcasts. New episodes are released every Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"Fisk says there is a flow-on effect to everyday Kiwis from the industries where the majority of failures…\n","protected":false},"author":2,"featured_media":35357,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,10714,78,111,139,69,1118,17096,3263,20586,223,14005,13983,32948],"class_list":["post-35356","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-danger","tag-in","tag-new-zealand","tag-newzealand","tag-nz","tag-of","tag-paying","tag-project","tag-prosperity","tag-the","tag-times","tag-tough","tag-upfront"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/35356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=35356"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/35356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/35357"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=35356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=35356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=35356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}