I don't want to derail this thread too much as it's exciting to be Sherlock and anticipate the 2020, but I'll leave it at this. Anyone that thinks 100 to 120 a month (see previous post) saved in their 20's, 30's, and probably even 40's buying slightly used vs new "isn't worth it" when that could be invested for the future is lying to themselves. I'll agree that in the 50+ range it's not so much an issue, go for it, assuming you've been smart, because the rate of return is far less, but it's just ignorance when young to ignore investing in retirement given the enormous rate of return. Living comfortably in retirement costs money. Traveling costs money. Investing in your grandchildren costs money. Property tax even you aren't working still costs money, etc. Find a balance and get educated on retirement planning in your early 20's. 1$ when you are 25 saved and invested is with more the 200x $1 saved in your 50's. Doesn't mean you need to be broke and frugal like others have made it seem lol, but the investment it takes for you start saving at 20 to be a millionaire at 65 is just under 60k. Think about that. Each year your return lessens. Enjoy life, but don't be stupid and ignore retirement planning even your dollars work the hardest.Just can't do it wasn't raised that is way. My mother in law is the same way as you, causes a lot of feuds between the bride and me. II wish I could leave more to my kids but college and private school these days will cost close to 700K. This was another source of contention with the bride as I'm a believer in state schools but my youngest kid is going to an IVY now so we'll see if I'm wrong.
Let me give you an example. Years ago, the bank I worked for gave everyone stock options as a one time event. One of my co-workers cashed them out they day he got them and went on a cruise. I waited a couple of years and used it as a down payment on my first house. When I graduated from college, my parents gave me a 2k gift and opened up an IRA for me. The next year I added another 1k. It's now 33 years later and that is worth 140k now. What worries me is long term care, that's the elephant in the room, I guess when the time comes I pray it's quick.