Ali MacGraw became a Hollywood superstar overnight. But just as quickly as she rose to fame, she disappeared from show business altogether.
Today, the 84-year-old actress has settled down in a remote and tiny town, and she’s aging gracefully with her grey hair.
Ali MacGraw
Ali MacGraw – born Elizabeth Alice MacGraw – was born on April 1, 1939, in Pound Ridge, New York, USA. Her mother, Frances, was an artist and worked at a school in Paris, later settling in Greenwich Village. She married Richard MacGraw, who was also an artist. In 1939, Ali was born.
Ali’s father Richard supposedly had issues from his own childhood which made him a little bit different from others.
He had survived a terrible childhood in an orphanage, running away at the age of 16 to go to sea. He would later study at an art school in Munich, Germany.
“Daddy was frightened and really, really angry. He never forgave his real parents for giving him up,” Ali explained, saying said her father’s adult life was spent “suppressing the rage that covered all his hurt.”
Ali MacGraw – childhood
Money was short for their family, too. Frances and Richard, together with Ali and her brother, Richard Jr, had to move into a house on a Pound Ridge wilderness preserve which they shared with an elderly couple.
“There were no doors; we shared the kitchen and bathroom with them,” Ali said. “It was utter lack of privacy. It was horrible.”
Mom Francis worked with several commercial-art assignments and supported the family. At the same time, Richard had a hard time selling his paintings, and as a result became very frustrated. Ali’s brother Richard became a victim for his anger at home.
“On good days he was great, but on bad days he was horrendous,” she recalled. “Daddy would beat my brother up, badly. I was witness to it, and it was terrible.”
Ali was the daughter of artists, and she knew that she, too, wanted to go into a creative line of work as she got older. She earned a scholarship at the prep school Rosemary Hall, and in 1956, she moved to study at Wellesley College in Massachusetts.
By the age of 22, Ali MacGraw moved to New York and got her first job as an assistant editor at Harper’s Bazaar, working with photographers as an assistant.
Fashion work in New York
Fashion editor Diana Vreeland hired Ali as, what she recalls as, a “flunkie”. Ever seen the film The Devil Wears Prada? Well, it was pretty much that.
“It was ‘Girl! Get me a pencil!’,” MacGraw recalled.
The future Hollywood celebrity worked her job as an assistant for several months. Then, about six months in, fashion photographer Melvin Sokolsky noticed her beautiful looks, and Ali MacGraw was hired as a stylist,and given a better salary. She’d end up staying in that position for six years.
“I don’t know where she got this work ethic, but Ali would come in at eight a.m., and many times I’d come back at one in the morning and she would still be doing things for the next day,” Ruth Ansel, a former art director of Vanity Fair and Harper’s Bazaar recalls.
Ali was great as a stylist. But soon, she was asked to work in front of the cameras as a model. It didn’t take long before she was on magazine covers all over the world, even appearing in television commercials. For thing led to another, and Ali tumbled headfirst into the profession of acting.
She had been sketched nude by Salvador Dali a couple of years earlier. But when the surrealist artist started sucking her toes, MacGraw decided that she’d rather be an actress than a model.
Ali MacGraw – films
Ali went straight from an unknown stylist and into the world of cinema, and boy, did she do it with a bang.
She was untutored in the art of film, which gave her acting another dimension. Her natural beauty was stunning, and the audience loved her.
Following a small role in A Lovely Way to Die (1968), she was asked to star in the 1969 film Goodbye, Columbus. It turned out to be a great call, with MacGraw receiving a Golden Globe for Most Promising Newcomer – Female. The following year, she got her big international breakthrough with a role that would pretty much sum up her career.
Ali MacGraw had received a script from her agent. She’d read it and wept twice because of how much she loved it. She decided she really wanted a part in it, and got herself a meeting with the film’s producer Robert Evans – who at the time was Paramount Picture’s head of production – at the Beverly Hills Hotel’s Polo Lounge. Not only did Evans think she was perfect for the part in the movie Love Story, he absolutely fell in love with her.
MacGraw – playing the role of Jenny – acted alongside Ryan O’Neal in the movie Love Story. The American romantic drama film, in which Ali played a working-class college student, became a smash hit.
Love Story hit the cinemas in 1970, and wow did the audience cherish it. It became the No. 1 film in the United States, and at the time, it was the sixth highest grossing movie in history in the US and Canada.
Award-winning actress
MacGraw earned an Academy Award nomination for her role, and the film itself earned her another win and five Academy Award Nominations. She also won herself a second Golden Globe as Best Actress in a Motion Picture – Drama.
Film producer Robert Evans not only loved her on screen, he had fallen in love with her in real life, and that love was reciprocated. In 1969, the couple tied the knot, and two years later, they welcomed their son, Josh Evans.
Ali MacGraw was the hot new star of the 1970s, but her private life and marriage with Evans would soon come to an end. Steve McQueen had visited their home to ask her to star alongside him in The Getaway, and the two Hollywood stars clicked right away.
“I looked in those blue eyes, and my knees started knocking,” MacGraw recalled. “I became obsessed.”
MacGraw and McQueen had an affair, and she soon left Evans to live with the actor in Malibu, along with her son Josh.
“Steve was this very original, principled guy who didn’t seem to be part of the system, and I loved that,” she said.
Ali MacGraw – Steve McQueen
But after a while, Ali realized that Steve McQueen had his own problems. Following his father abandoning his mother, a then-14-year-old Steve was sent to a school for delinquent children. MacGraw said he never trusted women after that.
(Photo by Silver Screen Collection/Getty Images)
He didn’t like that she worked and had her own career. For a while, Ali stayed home to raise their sons. But her husband’s demands were something Ali simply couldn’t accept in the long run.
Not only that, but he’d explode if she even looked at another man. He also wanted her to sign a prenuptial agreement, promising not to ask for anything if they’d divorce. She abided by the agreement when they did divorce in 1978.
“I couldn’t even go to art class because Steve expected his ‘old lady’ to be there every night with dinner on the table,” she recalled.
“Steve’s idea of hot was not me. He liked blond bimbos, and they were always around.”
This was the start of a pretty dark time in MacGraw’s life. She arrived on set to shoot the 1978 film Convoy both drunk and high, which prompted her to quit drugs.
How to Own Your Dream Home
For most people, their first home isn’t their dream home. It starts off nice enough. But as time goes by and your family grows, starter homes tend to get a little . . . cramped.
But don’t hate on your current home too much. Because while it gave you a safe and dry place to lay your head at night, it was also setting you up to own your dream home someday.
We’ll show you how it all works and walk you through the steps that’ll get you in your dream home—one you can actually afford!
How to Get Your Dream Home in 5 Steps
Here are the steps:
- Follow the Financial Basics
- Find Out How Much Equity You Have
- Set Your New Home-Buying Budget
- Find the Right Dream Home for You
- Be Picky and Patient
Now let’s cover each step in more detail.
Step 1: Follow the Financial Basics
First thing’s first—you have to get out of debt, get on a budget, and build up an emergency fund of 3–6 months of expenses. Sounds pretty basic, right? If you haven’t completed these steps, then you’re not ready to upgrade to your dream home . . . yet.
Now, when you’ve got house fever, it can be hard to focus on paying off debt or saving an emergency fund before you upgrade your home—especially when you’re feeling the pressure of rising home prices and interest rates.
But whether it’s your second or third house, you should only buy a home when you’ve covered the financial basics we mentioned above. Then you’ll be ready to start the journey toward owning your dream house.
And that journey starts with your home equity. What’s equity? Well, we’re glad you asked . . . that brings us to the next step.
Step 2: Find Out How Much Equity You Have
Home equity is a pretty simple concept: It’s your current home’s value minus whatever you still owe on your mortgage.
See, in most cases, your home’s value increases over time. Similar to other long-term investments (like retirement accounts), homes gradually increase in value. There have been periods of ups and downs in the market to be sure, but the value of real estate has consistently gone up. According to the St. Louis Federal Reserve, the average sale price of a home has increased over 2,300% from 1965 to 2023! And in the last ten years (2013 to 2023), there’s been a 68% increase.1 As your home increases in value, so does your equity. In real estate terms, this is called appreciation.
Other factors that increase your home’s equity include:
- Added value: Home improvement projects like adding square footage, updating fixtures and appliances, or even just slapping on a new coat of paint can add value to your home.
- Mortgage paydown: Paying down your mortgage not only gets you out of debt faster, it also builds your equity. The less you owe on your home, the more equity you have.
The amount of equity you have gives you a pretty good idea of how much money you’ll end up with after selling your house. You can use that money to make a hefty down payment and cover the other costs that come with buying a home.
Find expert agents to help you buy your home.
So, how do you determine your home’s value? Well, you can get a ballpark estimate on real estate websites like Zillow, ask a trusted real estate agent to perform a competitive market analysis (which they’ll do anyway if they’re helping you sell your house), or get a professional appraisal.
Finding out your home’s equity will involve a little math, but it’s third-grade-level stuff, so don’t sweat it.
Here’s what we mean. Let’s say your home’s current value is $355,000. When you sell that house, you’ll have to pay for between 1–3% of the sale price in closing costs, another 6% in fees for the real estate agent who helped you sell it, and whatever’s left to pay off on your mortgage.
That means you can estimate clearing over $223,000 from selling your house. That’s a killer down payment on your dream home! And if your home is paid off, that’s even more money to put down and use to pay for things like repairs and moving expenses.
Step 3: Set Your Dream Home Budget
Once you know how much you’ll clear from the sale of your home, you can start making a budget for your dream home.
The key to owning your dream home (instead of it owning you) is to keep your mortgage payment to no more than 25% of your take-home pay on a 15-year fixed-rate mortgage, along with paying a down payment of at least 20% to avoid private mortgage insurance (PMI). Never get a 30-year mortgage even if the bank offers it (and they will). You’d pay a fortune in interest—money that should go toward building your wealth, not the bank’s.
So, let’s say your take-home pay is $4,800 a month. That means your monthly mortgage payment shouldn’t be any bigger than $1,200. By the way, that 25% figure should also include other home fees collected every month with the mortgage payment like homeowners association (HOA) fees, insurance premiums and property taxes.
Plug your numbers into our mortgage calculator to see how much house you can afford.
And don’t forget to budget for all those other costs that come with the home-buying process in addition to your closing fees—things like moving expenses and any upgrades or repairs you might need to make. You don’t want these hidden costs to catch you off guard or drain your emergency fund.
Step 4: Find the Right Dream Home for You
This is where things get real. After all your hard work building up your equity (and doing a lot of math—don’t forget that), you’re finally ready to start the house hunt. Woo-hoo!
But don’t lose focus. Stay zoned in by making a list of features that make a home fit your budget, lifestyle and dreams—and stick to it throughout your house hunt. Here are a few ideas to get you started.
- Don’t compromise on location and layout. If you plan to be in this home for the long haul, an out-of-the-way neighborhood or a wacky floor plan is a deal breaker. Look for a community and layout that’ll suit your lifestyle now and for years to come.
- Think about how much space your family needs. While your budget has the final say about how much home you buy, you’ll want your dream home to fit your family’s needs through different life seasons.
- Consider the school districts. If you have or want kids, the quality of the nearby school districts is probably already on your mind. But even if you don’t have kids or you’re retired, keep in mind that having good schools nearby could increase your home’s value.
- Look for a house that’ll grow in value. Are home values rising in the area? Is the number of businesses going up? These factors can help you figure out whether your dream home will turn into a good investment.
- Count the costs. Want that fancy master bathroom with the multiple showerheads and the Jacuzzi tub? Be clear on what’s a must-have and what’s nice to have. And don’t forget, upgraded features like that will make your dream home more expensive.
Step 5: Be Picky and Patient
We know you’re anxious to get into those new digs, but be patient. Wait for the right house at the right time. Don’t spend your money on a less-than-ideal home just because you’re tired of looking.
The key is finding a good real estate agent who understands your budget and refuses to settle for “good enough.” They’re as committed to your dream as you are and will have your back throughout the entire process, no matter what it takes.
In addition to teaming up with a great real estate agent, you can take a couple of extra steps to make sure you’re ready to strike as soon as the right home comes up:
- Get preapproved for a 15-year fixed-rate mortgage. Having preapproved financing is a green flag for sellers—especially in multiple offer situations. And because this puts most of your information in the lender’s system, you’ll be on the fast track to closing once your offer is accepted.
- Offer earnest money with your bid. Earnest money is a deposit to show you’re truly interested in a home. Usually it’s 1–2% of the home’s purchase price and it’s applied to your down payment or closing costs. Even if the deal falls through, you can almost always get most of it back.
Find a Real Estate Expert in Your Local Market
Now, you might be thinking you have some work to do before you’re ready to find your dream home. Or you may be realizing your years of hard work are about to pay off! Regardless, if you follow these steps, you’ll find the house you’ve always wanted and avoid a purchase you’ll regret.
Once you’re ready, connect with one of our RamseyTrusted real estate agents. These are high-performing agents who do business the Ramsey way and share your values so you can rest easy knowing the search for your dream home is in the right hands.
Find the only real estate agents in your area we trust, and start the hunt for your dream home!
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