Personal Finance

Dave Ramsey Slaps Down Lame Excuses For Not Retiring A Millionaire

David Beren

Published: March 19, 2025 10:05 am

There is no question that Dave Ramsey is a polarizing figure in the financial world, with his brutal honesty often conflicting with concerns that his advice might not be all that good. The reality is that no matter if you love or hate his no-holds-barred feedback, Dave knows something about managing money. 

One of the more bold statements Ramsey frequently makes, in various contexts, is that if you aren’t retiring a millionaire, it’s no one’s fault but your own. Ramsey is not only saying this but doubles down by insinuating that if this is the case and you retire broke, that is your own fault. 

Not Mincing Words

To be more specific on the exact language, Ramsey says that if you “…are under 40 years old and you don’t retire with a million dollars, it’s your fault.” In typical style, Ramsey says this here in this YouTube clip with a dramatic yell on the word “fault.” 

Look, it’s hard to say that everyone, no matter their situation, should be able to put away a million dollars in their lifetime. However, Ramsey believes that if “You work your butt off your whole life, and you have nothing to show for it,” then it’s absolutely on you to end up without the right kind of retirement. 

Ramsey’s assumption goes a little off the rails when he assumes people are making a “fortune” in their lives, but of course, everyone’s definition of a “fortune,” including Ramsey’s, is different. 

This caveat aside, if you are under 40 and want to retire a millionaire, there are strategies to help you achieve your goal. 

Start Investing early 

One of Ramsey’s favorite claims is that if you invest just $100 every month from 25 to 65 in “good growth mutual funds,” you should have approximately $1.176 million by retirement. 

In Fact, Ramsey wants you to go even bigger as he considers (at the time of his writing) that the average household income in America is approximately $79,000. If you can invest just 15% of that number, according to Ramsey, or $11,850 annually during the same 25-65 timeframe, you would end up with $11.6 million with a good market and $5.8 million with a more conservative portfolio. 

Both of these claims are lofty, assuming you have disposable income that would allow you to make these kinds of investments. Given the current economic climate, inflation, etc., it’s hard to say with certainty that everyone could pull off this. 

Ramsey really doesn’t want to hear excuses for this. He says his “7 Baby Steps” can help you escape debt even if you are very underwater. In other words, Ramsey isn’t going to hear any excuses as to why you can’t get to this million-dollar number before retiring. 

One important takeaway is that Ramsey highlights the super important function of the 401(k) account, especially employee matching. According to Ramsey Solutions, eight out of 10 millionaires in the United States invested, in some capacity, in their company’s 401(k) plan. 

Talk To A Financial Advisor

Ramsey’s typical outbursts in his videos assume a lot about your financial situation. Still, there is no question that there is some truth to his ideology about having a million dollars when retired. The best scenario is to talk with your financial advisor and work with them to find a personalized solution to help you get a million dollars, if not more. 

If you think I’m not fully sold on Ramsey’s approach to reaching one million, the opposite is true. I’m completely aligned with his approach, which states that reaching a lofty financial number shouldn’t be out of the question if you save and invest smartly. 

However, Ramsey’s suggestion that putting something into “good growth stock mutual funds” needs a little more nuance. You need to either A) know the market well all on your own or B) work with a financial advisor who will build a personalized portfolio that helps you diversify your assets to get you to the million-dollar number but also helps you weather lousy market periods.