Dave Ramsey talks young critics pushing back on his financial advice, saving for retirement
Ramsey Solutions founder explains why his advice is 'real good clickbait'
People need to start ‘saving again’: Dave Ramsey
Ramsey Solutions founder and CEO Dave Ramsey discusses how Americans can prepare financially for retirement on ‘The Bottom Line.’
Personal finance expert Dave Ramsey shot back at millennial and Gen Z "whiners on TikTok" who call his financial advice "a bunch of crap" on Wednesday.
"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," he expressed.
The Ramsey Solutions CEO and founder addressed the younger critics who claim his advice is unattainable in today’s economic climate.
"I’ve been doing this for 35 years, and there’s always a group of people who say you can’t do it," Ramsey told "The Bottom Line" co-hosts Dagen McDowell and Sean Duffy.
Ramsey said that social media platforms like TikTok and Instagram have given his critics a voice and suggested they "have at it."
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"Well, I mean, anything on social media, you can find a lot of fun stuff on me. I’m real good clickbait, so it works really good."
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But despite his grievances about some Gen Zers and millennials, Ramsey said that they are "excellent generations."
"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," Ramsey declared.
"They believe in it. They believe in saving. They believe in investing. They believe in the free enterprise system," he explained.
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He went on to praise the millennials and Gen Zers who work for Ramsey Solutions, arguing that they’re "incredible."
"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 said.
The financial icon also discussed a recent survey by Northwestern Mutual that revealed it would take $1.46 million to retire comfortably.
Ramsey said depending on where and how you choose to live and the "standard of living you want to retire at" will help you determine the "size of your nest egg."
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"$1 million, you know, should generate, say, 8%, that'd be $80,000 a year to live off of. If you can live comfortably off of 80,000, then a million is enough. If you need 160, it sounds like you need 2 million," he explained.
"You can do it," he added. "You just need to start saving again."
Ramsey then pointed to the "largest study ever done on millionaires in North America" that found a typical millionaire in the U.S. earned their money by investing in their 401 (k) over time versus acquiring it through an inheritance.
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