Steve Goodey – property coach

“I recently purchased a property for $860,000 and spent $100,000 renovating it.

“Three months’ later, I had it revalued at $1.84m. The property pays me $80,000 in rent (after all costs), per year.”

Steve Goodey, property coach 

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.

Property coach Steve Goodey spoke to Newshub about why he returned to investing in residential properties after 14 years plying his trade as a property developer, sharing a recent property purchase that makes him just over $200 per day.

Reeling off his 2022 goals, which are to increase his “weekly rent roll target”, “achieve $50,000 in air dollars” and to “be less fat”, Goodey believes that having more money does increase happiness.

As the property market returns to a more stable ‘normal’, opportunities will be available for people who are in a position to grab them, he says.

1. Are you a saver or a spender?

I’ve never really been a saver. It’s not fun or exciting to save, but I understand the need for it.

I spend, but I spend my money, time and resources on investments and assets that will eventually pay me.

My target (wherever possible), is to spend my money on assets that create cash flow.

I then spend the cash flow on toys, family, holidays and lifestyle – or just more investments.

2. What’s been your biggest financial lesson, success or failure?

I tried to be a property developer once, but rather than wanting to do the work, I really just wanted the result.

It just wasn’t my passion.

This cost me a million dollars and 14 years of my life. I survived it, but it wasn’t fun for a very long time.

I stepped out of my lane and quickly went back to my knitting with standard residential investing.

Many learnings were had, including a better understanding of my own limitations.

3. What do you know about money now that you wish you’d known sooner?

I used to think there wasn’t much of it around – that’s actually very wrong.

For those who make the effort and have the right habits, there’s actually plenty of it.  In my opinion, it’s not about ‘getting rich quick’. It’s about ‘getting rich for sure’.

Consider the age and stage of your financial life.

• In your 20’s, you have fun and find your place in the world.
• In your 30’s, you become more specialist and get very good at something.
• In your 40’s, you make money and invest it.
• In your 50’s, you start to earn more from your assets and investments than from your ‘work’.
• In your 60’s, you do whatever the heck you like.