(Video Credit: CNBC)
Multi-millionaire CNBC host Jim Cramer admonished Gen Z-ers for not being frugal by saving and investing their money rather than blowing it on $14 margaritas at places like his Mexican restaurant.
He pointed out that the younger generation whines about their student loan debt, but doesn’t bat an eye wasting money left and right instead of investing it in the stock market or saving it.
The cracked voice of “Mad Money” is worth more than $100 million and he evidently worked hard to get there. The investment guru is many times more wrong than right, but he’s savvy enough to have amassed a fortune.
“One of the problems that I see about Gen Z-ers is they’re not frugal enough,” Cramer commented. “They seem like they have a lot of money, even when they don’t have a lot of money.”
Jim Cramer has a message to young people – learn to be more frugal
— The Best Business Show (@TheBestBizzShow) June 22, 2022
Cramer, an apparent leftist, made his statements after allegedly watching a young man buy five margaritas for himself “as if [money] grew on a tree,” while drinking at his establishment, the San Miguel Bar in Brooklyn.
“On the one hand, you’re allowed to have all the margaritas you want,” he noted, “but on the other hand, you say, ‘I can’t invest, I have student loans.’ I think that’s counterintuitive.”
A recent Deloitte survey polled 14,808 Gen Z-ers. It found that almost half of young people between the ages of 18 and 24 were living paycheck to paycheck.
Between skyrocketing 40-year-high inflation and student loan debt that averages $28,950 (according to NerdWallet), young Americans are getting crushed financially.
— David 🇮🇱 (@David_Johnson41) June 23, 2022
Hard times are no excuse in Cramer’s world. They come and go but the concepts of hard work, saving, and investing are always in play.
“People always say, ‘I have nothing to invest, so I can’t invest.’ I hear that from people in their 20s all the time,” he remarked.
“I know you might say, ‘Oh, Cramer’s rich; I don’t want to hear his lecture,'” he stated. “But did you live in your car on the side of Interstate 5?”
Cramer doesn’t live in his car anymore. He just bought a three-bedroom, six-bathroom, $3.4 million estate in Quakertown, Pennsylvania. The property also has a large barn and a pasture area for horse riding overlooking a spring-fed pond.
The property before this one that he owned with his ex-wife, Karen, in Summit, New Jersey was worth $2.9 million and was bought in 1999. When they divorced in 2009, he sold it to Karen for $1.
Cramer advises young people to be very stingy with their money and invest whatever they can, gradually, in the stock market and real estate. Many contend that both are about to implode and Cramer’s investment track record leaves something to be desired.
<extreme Jim Cramer voice> Drink a Mezcal at home!
— Stephanie A. Wilken (@stephawilken) June 22, 2022
Even when he was living in his car, the stock mogul was sticking $100 a month into a stock index.
“I put that money away, and it made me a millionaire,” he declared.
“If you have a few bucks to spend going out, then you have money to invest. Just keep it consistent. Over time, stocks have been proven to be an unbelievable asset,” Cramer contended.
“I’m not calling for something draconian. I’m not saying don’t go out. What I am saying is: Don’t spend money each week that you shouldn’t have,” he advised.
Some consider his advice out of touch considering the state of things in the country at the moment.
the average new car payment is now over $700 a month
the median home price in america is almost $500k
you can skip margaritas for the rest of your life and still never afford a home or retirement
— MemeticZoetic (@MemeticZoetic) June 22, 2022
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