Jim Cramer, born on February 10, 1955 is a famous American television personality, former CNBC guest commentator and is now recognized for his own television show, Mad Money which aims at providing people the investment advice they need by sharing knowledge and tools so that anyone could be a better investor.
He has also written several books for financial guidance and investment advice including ‘Get Rich Carefully’ (published in 2013), ‘Getting Back to Even’ (published in 2009), ‘Sane Investing in Insane World’, and many more.
As of today, Jim Cramer’s net worth is around $150 million, most of which he had earned while he worked as a hedge fund manager. He is also an author and co-founder of TheStreet.com. In 1999, when TheStreet.com became public, it had a market value of $1.7 billion, and 15% of Cramer’s share in it makes him the owner of $255 million.
But after a huge market crash in 2005, his stake came down to only $15 million.He has also earned by appearing on other media platforms. He used to host an hour radio show, Jim Cramer’s real money until he got his own show.
Early Life
James Joseph Cramer, now known as Jim Cramer was born in Wyndmoor, Pennsylvania in a Jewish family on February 10, 1955. His mother Louise A. Cramer was an artist and his father, N. Ken Cramer was the owner of a Philadelphia-based company, International Packaging Products that used to sell wrapping paper, boxes, bags to restaurants and retailers.
He went to Springfield Township High School in Montgomery County in Pennsylvania. As his first job, in 1971 Cramer used to sell ice cream at Veterans Stadium during Philadelphia Phillies games. Then he went to Harvard College for his bachelor’s in arts. While he was at Harvard, Cramer emerged as a National Merit Scholar and was Editor-in-chief and president of The Harvard Crimson.
After graduating from Harvard, he worked as a reporter and after that gradually he became successful. He was one of the first reporters at American Lawyers, a monthly magazine.In 1984, he went to Harvard Law School to pursue law. While at Harvard, he started investing in stocks and made enough so as to cover his tuition fee.
From there his career as an investor began. He also got admitted to the New York Bar Association in 1985 but he chooses not to pursue his career in that field, later his license was suspended in 2009 due to failure of payment of registration fee.
Career
In 1984, Cramer secured himself a position as a stockbroker in Goldman Sachs, where his role was to trade the stocks. Later in 1987, Cramer left his job at Goldman Sachs to start his own hedge fund as Cramer & Co. He ran this hedge fund from 1987 to 2000.
In this span of time, he claims that he had only one year of negative returns and his claims have never been disputed. In 2001, he left a hedge fund. It was then taken over by Cramer’s former partner, Jeff Berkowitz.In 1996, Cramer and Martin Peretz launched TheStreet.com, a website for all the financial news and information.
In the late 1990’s Cramer frequently come as a guest commentator at CNBC. From 2002 till 2005, Cramer and Larry Kudlow started their show formerly called as ‘America Now’, later changed to Kudlow & Cramer. In 2005, he started his own show “Mad Money”, which already has 17 seasons and is still streaming.
Personal Life
Cramer got married to Karen Backfisch in 1988 and had 2 children together but later in 2008, they got separated. In 2015 he married Lisa Cadette Detwiler in an Italian Restaurant in Brooklyn, New York City. He is a huge fan of the Philadelphia Eagles and has held the season tickets for almost 20 years.He is always surrounded by controversies. From accusation of market manipulation to criticizing President’s policies, he always makes his place in the news.
Real Estate
Jim Cramer lives in Summit, New Jersey. Along with this property in New Jersey, he also owns a large 65-acre estate at its countryside. He also owns houses in New York, Long Island where he visits for vacations. He and his wife own a bar and a restaurant named ‘Bar San Miguel’ that serves Mexican cuisine in Carroll Gardens, Brooklyn.
Cramer, along with four other investors purchased the DeBary Inn in Summit, New Jersey. He also has a summer house in Quogue. He had also made enough money from bitcoins so as to pay for the mortgage of one of his homes; he shared this in one of the episodes of Mad Money.
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Conclusion
According to Money Inc. Cramer’s net worth is about $150 million and is stable. Cramer once said, “Every person has a right to be rich in this country, and I want to help them get there”. This clearly shows the ideology on which Cramer works. The sole purpose of his show “Mad Money” is to provide proper financial advice, the knowledge, and the tools that is require for do it yourself investment.
