Great stuff Greg.
My twenties was filled with great income and more THINGS than anyone needs in a lifetime. I really think if the booming economy would've happened in my 30's I would've made some different decisions. I made many good ones but pissed away more money than I care to think about.
Had one hell of a time so I have no regrets.
Now, in my mid thirties, I'm thinking exactly the opposite. I have clients that are exactly as your describe. 60-70 years old with two nickels to rub together. They have a distinct look of desperation in their eyes. Most of us have to work a lot harder to make a buck and to me that should really open your eyes. How long do you want to keep breaking your back to sustain your lifestyle? Make the changs now. The older you get, the harder financial independence will be before you're to old to give a damn.
I like your comment about percieved wealth. You can still have nice things if you buy used and right.
Your Mother in law is a prime example of why I said you many never regret paying off your home. She's got a fixed income and virtually no bills. Where's the risk? I bet she sleeps like a baby.