Goodnow was attended Hotchkiss School on full scholarship. Goodnow graduated in three years, in June, 1943. He entered Princeton a week later, completed his freshman year that December, and entered the United States Army the following month.
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After the war, Goodnow returned to Princeton, where he graduated in 1949. He joined the investment firm of Kidder, Peabody & Co., but was called back into the service after the outbreak of the Korean War. After training as a forward observer with the Field Artillery, he was sent to Germany with the 4th Division as part of the formation of the NATO forces in Europe. After that deployment, Goodnow returned to Kidder, where he remained until 1969, when he co-founded Goodnow, Gray & Co., a financial firm, in Darien. Now, nearly 50 years later, Ned Goodnow continues at the helm of its successor, Goodnow Investment Group, LLC.
Goodnow is an avid outdoorsman, and is dedicated to the pursuit of the trout and the salmon. He and his family are long-time residents of Darien.