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Avoidable Contact #65: In defense of premarital, even teenaged, SX
They say that when you adjust for inflation, $4200 in 1988 is something like $9200 now. But it's more than that. My father was a patient and conservative investor. Putting $4200 in the S&P back in 1988 would yield 50 grand today. He was also smart enough to hop in on some tech stocks before it was too late.
Great tale. I had a very similar story: in 1987 my Dad and I bought a 1984 Dodge Daytona Turbo Z. I had saved up $2200 from cutting lawns and my Dad made up the rest to get to $4100. Looking back, I'm not sure how he came up with the dough. Money was tight. In retrospect, I feel bad for asking. But anyway, I loved that car and not just because it talked when you didn't fasten your seatbelt. It sat in the garage for three months before I got my license and I might have taken it out when my parents were gone. I had to make sure there was oil in the turbo, after all. I never crashed it, but two years later, I got sick of the rough ride and embarrassing build quality and sold it to buy a 1983 VW GTI for $2300. That car changed my life.