The former hedge fund manager and best-selling author is best known for hosting CNBC’s “Mad Money” and as an anchor on “Squawk on the street.” Jim Cramer has an impressive net worth of over $150 million. This all resulted from his stellar career in more than one field. The hedge fund “Cramer Berkowitz” earned him a significant stake before the post dotcom crash in 2005. Some of his other many talents include Journalism, Business, TV personality, Lawyer, Commentator, Investor, Actor, and Author. The man is blessed if you ask me.
Jim Cramer’s Early Life
Jim Cramer was born to a Jewish family in 1955 in Wyndmoor, Pennsylvania. The man had a pretty humble background becoming even more relatable. Jim started off selling Coca-Cola and ice cream at Veterans Stadium during Philadelphia Phillies baseball games in the early 1970s. This was before joining Springfield Township High School, and he later impressed everyone by graduating from Harvard College with a Bachelor of Arts degree in 1977.
To prove that Jim got the brains, he later decided to further his education by attending law school graduating from Harvard law in 1984. Things weren’t always so easy for him because, like so many people out there, he faced challenges with his tuition fees. In a show of relentlessness and determination, he started investing in the stock market and used all the proceeds to cover his tuition costs.
Jim Cramer And The Money Markets
After graduation, he did not practice law and instead ventured into the money markets. His first job was as a stockbroker at Goldman Sachs, after which, in 1987, he started his own hedge fund, Cramer & Co, up to 2001. The brilliant man retired in 2001 after he produced a 24 % average annual return.
Other projects Cramer worked on include Smart Money magazine, where he was the “editor at large.” During his time there, he was accused of unethical practices when he made a $2 million personal gain. He had bought stocks just before an article with his recommendations was published. In 1996, Cramer and Martin Peretz partnered to launch the financial news and financial literacy website TheStreet.com. In 2019, the website was sold to The Maven for $16.5 million.
Jim Cramer as a TV Personality and Author
Additionally, during the late 1990s, Cramer was often featured as a guest commentator on CNBC. Eventually, he landed his own TV show, “Kudlow & Cramer,” with Larry Kudlow, which aired from 2002 to 2005. He then moved on to the show “Mad Money with Jim Cramer,” which began airing on CNBC in 2005. The show provides viewers with tools and knowledge to become better investors.
As part of the conditions for him to be on the show, Cramer must disclose any positions he holds regarding stocks discussed on the show. He is also not allowed to trade in anything he has discussed or spoken about on the show for five days following each broadcast. The TV show “Mad Money” was actually inspired by this one-hour radio show he had previously hosted, “Jim Cramer’s Real Money,” which ended in December 2006.
Cramer has also written and published several books. These include “Confessions of a Street Addict” (2002), “You Got Screwed! Why Wall Street Tanked and How You Can Prosper” (2002), “Jim Cramer’s Real Money: Sane Investing in an Insane World” (2005), “Jim Cramer’s Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)” (2007) and “Jim Cramer’s Get Rich Carefully” (2013) just to mention a few.
Jim’s Personal Life
Cramer married Karen Backfisch from 1988 to 2009 and had two children. His second marriage was to Lisa Cadette Detwiler in 2015. Lisa is a real estate broker and general manager of the New York City restaurant, The Longshoreman. The multimillionaire has some pretty impressive properties, including the DeBary Inn in Summit, New Jersey, which he purchased along with four other investors in 2009. Cramer also owns the Bar San Miguel, a restaurant and bar in Carroll Gardens, Brooklyn, with his wife. He lives in Summit, New Jersey, and owns private residential properties in Quogue, New York, on Long Island. To add to his long list of high-end properties, he has a 65-acre estate in the countryside of New Jersey. Cramer is a noted long-time fan of the Philadelphia Eagles NFL team. He has held season tickets for over 20 years.