It all starts here: Let's not romanticise poverty
Sam Stubbs grew up on Seymour Road in Sunnyvale, West Auckland, where two teacher salaries and the street’s first colour TV made his family the well-off ones. Watching neighbours do it hard taught him that enough money is what buys you choices and a dignified life, and it fed his ambition.
His mum, a primary school teacher, fought for the kids in her class, and Sam grew up believing that anyone with money or power has a moral obligation to look after people with less. It’s why the boy who left Sunnyvale went on to co-found Simplicity, a not-for-profit KiwiSaver manager, and why a Lotto win would go toward getting other people into their first homes.
With host Sarah Wood - CEO of realestate.co.nz, Sam owns up to being a closet interior decorator since he was eight, revisits the freezing Wellington merchant’s house that was his first home, and explains why Simplicity is building long-term rentals built to last.
Highlights#
- Seymour Road was a tough part of West Auckland, and with two teacher salaries Sam’s family were the well-off ones. Seeing how hard life was without enough money left him with real ambition, and little patience for films that make poverty look noble.
- His mum, a primary school teacher, knocked on doors to get truant kids to school and found shoes for the ones with bare feet. Sam says that’s where he learnt the strong should look after the weak.
- A self-confessed closet interior decorator, Sam was borrowing decorating magazines from the library at eight and redecorating his bedroom almost every year, once turning it red and black the week before Christmas.
- His first home was a big 1880s merchant’s house in Wellington with not one bit of insulation. The first winter’s gas bill just to heat the kitchen was $1,400 a month, so Sam climbed into the roof himself, cleared out the rat droppings and put the insulation in.
- With no money for advertising in the early days, Sam rang Simplicity’s first 10,000 members himself to say hello and thank them for taking a bet on it.
How a tough West Auckland street led Sam Stubbs to build a not-for-profit.
Growing up in West Auckland#
Sam grew up on Seymour Road in Sunnyvale, West Auckland, where he experienced many families struggling financially.
With both parents working as teachers, his family was relatively well-off compared to their neighbours. Seeing those struggles firsthand gave Sam an early understanding of the importance of money.
“Let’s not romanticise poverty. It sucks. And so that gave me a hunger for money. I realised that was the way out of that part of town. It’s not that I didn’t have a great time there – I did, but I had ambition.”
His mother, a primary school teacher, was another major influence. She regularly knocked on doors to get children back to school, found shoes for those who needed them, and raised money for school camps.
“I believe that if you have power, money or authority, you have a moral obligation to look after people who are less powerful. You know, the strong should look after the weak.”
A lifelong love of homes#
Despite his career in finance, Sam describes himself as a “closet interior decorator”.
At eight years old, he was borrowing decorating magazines from the library and redesigning his bedroom almost every year. One project saw him transform the room into a red-and-black space just a week before Christmas.
His passion for renovating continued when he purchased his first home, a large 1880s merchant's house in Wellington.
The property had no insulation, and his first winter gas bill for heating the kitchen alone reached $1,400 a month. Determined to make the house warmer, Sam climbed into the roof himself, cleared out rat droppings, and installed insulation.
“I used to buy and have homes that were a little bit more of a statement. I'm much less interested in that now...I want to feel warm and loved and happy. No more red roofs, much more muted tones.”
Starting Simplicity from the kitchen table#
Sam co-founded Simplicity with three others, driven by a vision to help everyday New Zealanders build wealth.
Sam personally called Simplicity's first 10,000 members to thank them for taking a chance on the business.
Sam says he never lost faith in the business. Looking back, however, there's one thing he would change.
“Take more risks. I would have been more aggressive in growing the business. I would have spent more money, borrowed more money. But of course, it’s wise in hindsight.”
Creating more housing options for Kiwis#
Today, Simplicity's work extends into residential housing through Simplicity Living, with a focus on building high-quality, long-term rental accommodation.
Sam believes New Zealand needs more smaller, well-built homes, particularly one- and two-bedroom properties.
What makes a house a home?#
From his childhood home in West Auckland to the properties he's renovated over the years, Sam's definition of home has little to do with the building itself.
“I could live in a shack if it was with people I loved, and it would feel like a home.”
If Sam’s story has you thinking about what your own childhood home taught you, follow It all starts here wherever you get your podcasts.
Guest bio#
Sam Stubbs is the co-founder and Managing Director of Simplicity, New Zealand’s not-for-profit, low-fee KiwiSaver and Investment Fund manager. Simplicity 100% funds Simplicity Living, which is developing thousands of build-to-rent homes in Auckland and Queenstown. Simplicity donates 15% of its management fees to the Simplicity Foundation, which has given more than $14 million to charity over the past decade.
Prior to launching Simplicity in 2016, Sam was CEO of Tower Investments, Managing Director of Hanover Group and worked for Goldman Sachs in London and Hong Kong.
Sam has an MA (Hons) in Politics from the University of Auckland and is a father of four adult children.
Host bio #
Sarah Wood is the CEO of realestate.co.nz, New Zealand’s longest-standing property portal, running since 1996, before Google even existed. Today it connects millions of Kiwis with homes, rentals and commercial spaces every month, and she’s leading its move into AI-powered property search. She is a regular commentator on the property market and the economic conditions shaping it, including the Official Cash Rate (OCR) and what each decision means for buyers and sellers.
