Personal finance expert Dave Ramsey has no time for “whiners on TikTok” who ignore his advice.
There is an “awful” segment of Millenials and GenZ, Ramsey told FOX Business’s “Bottom Line” co-hosts, Dagen McDowell and Sean Duffy, who “don’t work” and then wonder why they can’t build a retirement nest egg.
“There’s a segment of them [younger generations] that just sucks. They’re just awful. I mean, their participation trophy, they live in their mother’s basement, and they can’t figure out why they can’t buy a house because they don’t work, you know, stuff like that,” the Ramsey Solutions CEO and founder said.
According to Ramsey, retiring as a millionaire doesn’t take “rocket surgery.”
(Video: FOX Business)
“Obviously where you live, how you choose to live, the standard of living you want to retire at, gives you the number you need annually,” Ramsey said. “And then we can back into the size of your nest egg that you need.”
“For a million dollars to generate, say 8 percent, that will be $80000 a year to live off of,” he explained. “If you can live comfortably off of $80,000, then a million is enough. If you need $160,000, it sounds like you need two million.”
“You can do it,” he stressed. “You just need to start saving again.”
Ramsey cited a study that found that “the typical millionaire in America did not did not inherit their money.”
A full 89% of America’s millionaires “did it the old-fashioned way,” Ramsey said. “They earned it.”
“The number one way they became millionaires was just simply putting money in their 401(k) over a long period of time and getting their home paid off,” he said. “It really wasn’t rocket surgery.”
As for his online detractors, Ramsey said he’s “real good clickbait,” so “have at it.”
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“I’ve been doing this for 35 years, and there’s always a group of people who say you can’t do it,” he said. “So, ‘the system has to change’ and they are ‘a victim and are entitled.’ And TikTok gives them a voice or Instagram gives them a voice or whatever, but it’s always been that way.”
Still, Ramsey said, the majority of the younger generations is “excellent.”
“What we’re seeing with both of them is there is a segment of them that is very serious and very good with their money,” he said. “They believe in it. They believe in saving. They believe in investing. They believe in the free enterprise system.”
“I’ve got… 500 Millenials working on our team here at Ramsey,” the CEO said. “They’re incredible. I love them. Gen Z, all over the building. I love them. They’re fabulous.”
“It’s just this one segment of whiners on TikTok or something pops up because they don’t want to face the fact that they got to control the person in their mirror,” he stated.
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Author: Melissa Fine
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