Personal 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.

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"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."

‘You Have Nothing To Show For It'

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.

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"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."

‘$100 is a Lot of Money'

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."

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