Retirement Retirement Planning

Dave Ramsey Says If You Retire Broke In America, 'It's Your Fault'

The financial guru says most people can become rich. Find out why wealth is likely within your reach.

By Chris Kissell

Edited by Esther Carlstone

Updated March 16, 2026

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Financial guru Dave Ramsey has a tough message for today's workers: If you don't end up a millionaire, you have no one to blame but yourself.

Find out why Ramsey thinks just about everyone can get wealthy, and what you can do to keep more cash in your wallet today so you can invest for a more lucrative future.

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Here's what Dave Ramsey said

In a recent Facebook post, Ramsey took aim at those who don't save enough, writing that, "In this country, if you retire broke, it's your fault."

Ramsey notes that people make a "freaking fortune" over their working lifetimes, yet most have little to show for it.

Although today's workers make more than their parents, they don't know where the money goes, he says. Given this sad reality, the financial expert says now is the time for a "renaissance in the art of personal finance."

"For every one of you reading this to NOT retire a millionaire is absurd," he writes.

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How Ramsey says you can reach $1 million

Ramsey says that by investing $100 a month in a "good growth stock mutual fund" between the ages of 25 and 65, you can pile up nearly $1.2 million.

Ramsey doesn't mention how much your investments would need to grow annually to hit that mark, but it appears to be a little less than 13%.

It's worth noting that such an annual gain would be substantially higher than the long-term stock market average of about 10% over the past 50 years.

He goes on to say that those who invest 15% of their income — which is $11,850 annually on a salary of $79,000 — would retire with $11.6 million. Again, that appears to assume a nearly 13% return annually.

Why Ramsey thinks people fail to become rich

So, if it's so easy to become rich, why don't more Americans achieve that goal?

Ramsey says 95% of people who read his post do not have a written budget that they turn to every month.

"And because of that, your bank account is a freaking sieve," Ramsey writes. "Money leaks out of it like you're sending it to Congress or something."

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Why some say Ramsey is wrong — and others agree

Some readers who commented below Ramsey's post believe his criticisms are misguided.

April Josephine writes that Ramsey's advice shows he is "out of touch with what younger generations are dealing with."

She says necessities have become so expensive that younger people have no extra income to invest.

Jenn DeAngelis-Miller agrees, saying that although today's younger generations may earn more, the cost of housing, food, gas, clothing, phones, and more is higher than ever before.

On the other hand, Brenda Thompson Doyle pushes back on that narrative. The 76-year-old writes that her generation faced the same financial challenges when they were young.

She writes, "Everything I earned was spent on necessary bills and a little food. I got through it, and you will too. Keep looking for better-paying jobs and move accordingly."

Regardless of who is right, Doyle has a point. Failing to save today is almost certain to lead to a more impoverished future. So, it is up to everyone to find a way to either cut expenses or earn more so they can free up extra money to invest.

Ramsey's tips for saving more and investing for the future

According to Ramsey, becoming a millionaire isn't about luck or earning an extraordinary salary. Instead, he believes it comes down to building consistent financial habits over time. By taking control of how you spend, save, and earn, you can gradually free up more money to invest and grow your wealth.

Here are some tips Ramsey offers that can help you save and invest more.

Get out of debt

Ramsey hates debt, and he thinks you should too. He advocates eliminating all forms of debt besides a mortgage and saving enough money to build a pool of savings you can turn to during financial emergencies.

You should save up enough money to pay for three to six months of expenses, he says. Once you accomplish this goal, you can start saving more money to eventually invest.

Create a budget

Creating a budget will help you to see where your money goes each month. At the Ramsey Solutions website, you will find a five-step plan to create a budget.

Ramsey and his team remind you that creating the budget is the relatively easy part, while sticking to it can be more challenging. They suggest that adding a bit of "fun money" to your budget can help you to stay motivated to continue to save the rest of your cash so that you achieve financial goals.

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Generate more income

When you make more income, you increase the pool of money you can invest in the stock market.

Asking for a raise or finding a higher-paying job might be the easiest ways to bump up your income. However, don't overlook options such as taking on an additional part-time job or developing a side hustle, many of which can be done from home.

Cut expenses

Trimming your costs can be a great way to free up money you can then use to invest.

For example, Ramsey Solutions urges you to buy generic goods and switch to reusable items. Both of these moves can quickly add up over time to help you save major cash.

Refinancing your mortgage can also lower your monthly bills, as can eliminating subscriptions you can live without.

Bottom line

Dave Ramsey insists that just about anyone can become a millionaire. As he writes in his Facebook post, "You can make excuses, or you can take control of your money. But you can't do both."

If you make the right moves today, your finances should look a lot better tomorrow. Who knows, maybe you'll surprise yourself and join the millionaire club after all.

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