Dave Ramsey: You Make More Than Your Parents, Friends Yet Stay 'Broke' Due to Impulse Shopping – 'Your Checking Account is a Freaking Sieve'

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Fahad SaleemThu, January 1, 2026 at 3:15 PM GMT+1 3 min readPersonal finance expert Dave Ramsey says most people end up with little in their bank accounts despite working for years because they don't track their spending or make a monthly budget.Discussing how to retire comfortably in the U.S. on "The Ramsey Show," Ramsey said he can say with certainty that "almost no one" creates a monthly budget and sticks to it, but those who do quickly see how their money leaks away each month.Don't Miss:The ‘ChatGPT of Marketing' Just Opened a $0.85/Share Round — 10,000+ Investors Are Already InAn EA Co-Founder Shapes This VC Backed Marketplace—Now You Can Invest in Gaming's Next Big Platform"Your checking account is a freaking sieve," Ramsey said. "You have no idea where your money goes and you make more than your parents made, you make more than a lot of your friends make and you make more than any other country in the world virtually, personal income, and you’re freaking broke."Ramsey said that average Americans work hard for most of their lives but still end up short on money because they spend what they make and don't save or invest. He said that you can invest $100 a month from age 25 to 65 in a growth stock mutual fund through a Roth IRA and end up with over a million dollars by retirement.Ramsey thinks if you are under 40 and don't end up retiring as a millionaire, it's "your fault." He said that even if his assumptions are 90% wrong, investing $100 a month for decades could still leave you with far more money than social security and help you retire with dignity.Trending: Americans With a Financial Plan Can 4X Their Wealth — Get Your Personalized Plan from a CFP Pro"You work your butt off, your whole life, and you have nothing to show for it, nothing it’s ridiculous, it’s absolutely ridiculous," Ramsey said. "America, it is way past time for a renaissance in the art of personal finance. It is way past time for you to get your freaking act together."Ramsey said people overlook the power of small, consistent savings and spend impulsively. He believes most people distract themselves with TV and impulse spending instead of taking control of their money, and that this keeps them from saving enough to retire comfortably."You spend $100 on things you don’t even realize you did it," Ramsey said. "You impulse more than $100 at Target every month. I think it’s easy if we sit here and discuss it to think about $100, now $100 is a lot of money."Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,858.47 +12.97 (+0.19%)Dow 3048,382.39 +319.10 (+0.66%)Nasdaq23,235.63 -6.36 (-0.03%)Russell 20002,508.22 +26.32 (+1.06%)VIX14.51 -0.44 (-2.94%)Gold4,338.10 -3.00 (-0.07%)Trending tickersPLTR Palantir Technologies Inc. 167.86 -9.89 (-5.56%)MU Micron Technology, Inc. 315.42 +30.03 (+10.52%)ASTS AST SpaceMobile, Inc. 83.47 +10.84 (+14.92%)MSFT Microsoft Corporation 472.94 -10.68 (-2.21%)BABA Alibaba Group Holding Limited 155.74 +9.16 (+6.25%)PortfolioSign in to access your portfolioSign inTop gainersFLNC Fluence Energy, Inc. 23.01 +3.23 (+16.33%)SNDK Sandisk Corporation 275.24 +37.86 (+15.95%)SMR NuScale Power Corporation 16.31 +2.14 (+15.10%)BIDU Baidu, Inc. 150.30 +19.64 (+15.03%)ASTS AST SpaceMobile, Inc. 83.47 +10.84 (+14.92%)Top losersPAY Paymentus Holdings, Inc. 28.47 -3.12 (-9.88%)KVYO Klaviyo, Inc. 29.32 -3.15 (-9.70%)LQDA Liquidia Corporation 31.40 -3.09 (-8.96%)APP AppLovin Corporation 618.32 -55.50 (-8.24%)PSNY Polestar Automotive Holding UK PLC 19.81 -1.56 (-7.30%)Most activeONDS Ondas Holdings Inc. 11.02 +1.26 (+12.91%)NVDA NVIDIA Corporation 188.85 +2.35 (+1.26%)PLUG Plug Power Inc. 2.2300 +0.2600 (+13.20%)INTC Intel Corporation 39.38 +2.48 (+6.72%)TSLA Tesla, Inc. 438.07 -11.65 (-2.59%)Top economic eventsEarnings eventsMy earnings eventsEarnings events