PHOTO: Peter Thompson, managing director of real estate company Barfoot and Thompson said he focused on paying off an existing property before moving up the ladder. Photo credit: GettyImages.
“I wouldn’t buy two or three things at once – I’d just go a step at a time.
“If I got an extra bonus, I’d take a little bit out for myself and put the majority into paying debt.”
Peter Thompson, managing director, Barfoot & Thompson.
Money. It’s the driving factor behind many life choices, but is it the be-all and end-all?
‘Me and My Money’ is a regular feature that investigates Kiwi attitudes towards money and what drives the choices they make.
Having been at the helm of real estate company Barfoot & Thompson since 2009, Peter Thompson bought his first home in his 20s.
‘Go one step at a time’ is his motto, suggesting people pay off existing debt before taking on more risk – and don’t over-commit themselves to a mortgage.
Although he’s in the business of selling properties, he chooses to spread money across a range of investments, including term deposits.
1. Are you a saver or a spender?
A bit of both.
I’m generous in giving money out to charities but I also make sure I don’t go into debt.
If I have a mortgage, I’ll pay it off before I take on another one.
2. What was your biggest financial lesson, success or failure?
A success was when I bought a low-value property (my first property) in my 20s in about 1985, when interest rates were around 28 percent. I paid it off over ten to fifteen years.
I then bought my second home and paid that off. Seven years’ later, I bought a more luxurious one. From there, I bought a holiday home and after that, some luxury items.
I wouldn’t buy two or three things at once – I’d just go a step at a time. If I got an extra bonus, I’d take a little bit out for myself and put the majority into paying debt.
READ MORE VIA NEWSHUB