Maggie M on Motherhood and a Home with Great Purpose

Maggie's home-buying experience is a testament to a mother's unwavering determination to provide the best life for her child. Faced with numerous challenges, she navigated financial hurdles and personal sacrifices to create a loving and secure environment for her son, Finn. This is the story of how Maggie moved their lives from a small apartment into a loving home and set the stage for a brighter future for the whole family.

From Small Beginnings

Maggie’s journey began in a compact apartment in St. Louis, Missouri, where she lived with her son, Finn. After separating from Finn’s father, this was meant to be a temporary space for the two to get their bearings. For over a decade, she’d dreamed of living in the Pacific Northwest, soaking in the rain and embracing a west coast lifestyle; however, for now, she had to balance her son's needs, his education and a full-time job through the transition. 

Her tiny bedroom in their apartment, too cramped to close the door, and the overbearing landlord's sporadic drivebys made their living situation far from ideal. “It felt like we were constantly being watched," Maggie recalls. "I couldn't make decisions about my own life." Despite the discomfort, Maggie focused on Finn and figuring out their next steps.

A Decisive Move

When Finn’s father suddenly accepted a job in the area, Maggie’s decision to move or stay was solidified. As a mom, she believed it was crucial for her son to remain connected to both parents and so she too would remain in St. Louis. Instead of feeling disempowered, this decision sparked clarity. If roots were to be laid, then she’d build the life she wanted for Finn. They would have a proper home, move near the best local school, and grow a garden full of healthy fruits and vegetables. "I wanted to provide for him. I wanted him to have everything he needed. 100% of my mentality was about wanting to take care of my son," Maggie says. It was time to buy her first home.

Finding the House

Complications surfaced immediately. With only $1,000 in savings, Maggie had not been planning to buy a home nor had she been saving for one. She had to get creative. Luckily, she was eligible for a first-time homebuyer program through Bank of America that granted $7,500 towards the purchase, yet she still needed more money for the down payment. “Everyone told me not to do it,” she says, “but I took a loan out from my 401k for the 3% down plus $500 for moving costs.” No one in her family had done this before, and they were worried it was a risky move.

After thorough research, she understood that as long as the funds were taken as a loan, she would not incur an early withdrawal penalty. “The 401k wasn’t going to help us in the short term, and if we stayed put, Finn would be going to a school rated 1/10,” she remembers. Thoughtfully weighing the pros and cons, she proceeded with the loan and received the money within three business days. Even though she would need to repay the funds plus interest, the opportunity to give Finn a better life outweighed the risks.

The Perfect Space

Their home search commenced. Upon visiting a charming brick residence that reminded her of a gingerbread house, they knew it was the one. The 1940’s three-bedroom, two-bathroom house had a big tub, a grass-covered yard, and was located near a highly-rated school district. For the first time in a long time, Maggie and Finn could have their own spacious bedrooms, an office, and lots of room to play. The interior was far from glamorous, but it hardly mattered. They would make the house a home.

“The previous owner had a horrible yellow color all throughout the house!” Maggie laughs. She smiles as she recounts painting the walls with soft gray tones, adding wallpaper, and building a raised garden bed with her sister. Her family helped move boxes, and everyone chipped in to get Maggie, Finn, their dog Nova, and two cats settled. The house became a cozy and loving environment for Finn to thrive.

Rewards Worth the Risk

As time passed in their new home, the rewards of Maggie’s determination multiplied. “Finn made so many friends, and seeing him play outside, away from screens, was incredibly satisfying." She was able to work from home, drop-off and pick-up Finn from a school he loved, cook meals with veggies they’d grown in the garden and teach him about their home. They were living the life that Maggie had thoughtfully cultivated.

On top of that, the newfound independence and financial security were immensely gratifying. Without exposure to financial education during her upbringing, she’d had so much to learn through the purchase process. By self-teaching, she’d invested in a house, accumulated equity, and built a nest egg of savings for the future. The entire experience illuminated the importance of early education about money, instilling in her a desire to teach Finn about finances, credit scores, and the importance of a rainy day fund early in his life.

Moving Forward

Three years later, Maggie is surprised to be selling this home; she, Finn and their animals are moving to Seattle. Amazingly, Finn’s father will be located there too. With the appreciation and equity from the house, she’ll be able to pay back her mortgage, the 401k loan, cover moving costs, and have extra cash to place in savings - the gamble of borrowing from her retirement had paid dividends. The decision to sell was bittersweet, as the house had become a beloved home, but they are ready to move to the Pacific Northwest, another dream Maggie is ready to pursue. 

Maggie’s journey of buying, transforming, and selling a home while working remotely and raising a child is nothing short of impressive. Her focus on building the life she wanted for her child displays her determination and willingness to bet on herself. As she moves forward, Maggie carries with her the personal and financial lessons learned and the satisfaction of having provided a wonderful home for Finn, ready to take on new adventures in the Pacific Northwest. "I hope to find a new home that will love us as much as the last one did," she says.