Celebrated personal finance guru Dave Ramsey calls out Americans who are considering saving enough money to quit their job because they hate it because it’s a bad life plan. Here’s what Ramsey had to say about this flawed approach.
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Recently, Ramsey wrote on X, formerly known as Twitter, to express his concerns about this latest retirement plan that people are taking advantage of. He wrote, “Retirement in America means ‘saving enough money so I can quit the job I hate.’ That’s a bad life plan.” Considering that record numbers of Americans will reach retirement age in the coming years, and more than half feel like they haven’t saved enough, Ramsey’s advice is even more relevant.
According to CNBC’s International Your Money Financial Security Survey, which surveyed 498 people in the US, more than half (53%) admitted they are behind schedule when it comes to saving money for retirement. David Blanchett, a certified financial planner and head of retirement research for PGIM, says, “I think most Americans are struggling to save enough for retirement.”
Another survey, Retirement Insecurity 2024: Americans’ Views of Retirement, conducted by Greenwald Research, found that 55% of Americans worry that they will not be able to achieve financial security in retirement, and 73% admitted that high inflation made them even more worried.
What does this mean for people who hate their jobs and can’t wait to quit? The New York Times recently reported on a growing trend in the workplace called “resenteeism.” Jennifer Libby, a district manager at Insperity in Kansas City, explains that this trend has to do with people being stuck in a job they come to hate because they can’t leave for financial reasons or because they can’t find a job elsewhere. Libby adds, “Over time, they begin to resent their employer because they feel trapped in a job they don’t want.”
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Ramsey recognizes that there are cases where people really don’t like their jobs and has provided some helpful tips on how to get rid of this bad life plan. In a blog post shared on Dave Ramsey’s website, Ken Coleman offers practical advice, such as changing your focus. He writes, “If you constantly focus on the negative aspects of your current job, your brain will continually look for evidence to support that negative view.” Instead, you should try to focus on the positive aspects of your job and not just focus on making money to leave because you hate it there. That’s one way to make your time there seem even longer.
You can also focus on the skills you are building. Coleman writes, “You may hate your job today, but think about this: What are you learning there?” Coleman also advises that you will only get out of it what you put into it, and that negative thinking will get you nowhere.
While these tips can help, Coleman suggests brainstorming your dream job and taking stock of your finances if you’re planning to quit your job, because today the average retirement age in the U.S. is evolving and many are finding that after continue to work until the age of 64. Suze Orman, a financial expert, even believes that “seventy is the new retirement age, not a month or a year earlier.” Ideally, you should try to find a job that you are passionate about so that you don’t mind working later to take advantage of your full Social Security benefits and ensure that you have more than enough money for retirement. Working just to earn enough money to retire from the job you hate is not a good life plan, and it is not mentally healthy either.
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In this article, Dave Ramsey mentions the “bad life plan” that many Americans today consider a retirement: “Save enough money so I can quit the job I hate.” originally appeared on Benzinga.com
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