CNBC host and millionaire Jim Cramer said the younger generation was broke because they spent too much on margaritas from their restaurants and not enough on the stock market.
The Mad Money host, which is worth over $100 million, Told People living paycheck to paycheck in Generation Z were spending a lot more money on having fun than saving or investing it.
‘One of the problems I see about Gen Z-ers is that they’re not frugal enough,’ Kramer said. ‘It looks like they have a lot of money, even if they don’t have a lot of money.’
He said he came to this conclusion at his Brooklyn restaurant, San Miguel Bar, where he claimed to have seen a young man buy himself five $14 margaritas ‘as if [money] It grew on a tree.
‘On the one hand, you’re allowed to have all the margaritas you want,’ but on the other, you say, “I can’t invest, I have student loans,” Cramer said. I think it is the reverse.’
CNBC and Mad Money host Jim Cramer said Gen Z spends too much money on his $14 margaritas and doesn’t invest enough in the stock market
Cramer said he saw a man buy five $14 margaritas at his bar San Miguel (pictured) in Brooklyn, adding that the young man should have used the money to invest in stocks.
Cramer acknowledged that it may seem hypocritical to him to criticize. He has a $3.4 million property in Quakertown, Pennsylvania, which is listed in his name after moving there in 2021
Cramer’s comments came recently Deloitte The survey, polled by 14,808 Gen Z-ers, found that nearly half of those between 18 and 24 were living paycheck to paycheck.
According to NerdWallet, young Americans are also grappling with heavy student debt, with bachelor’s degrees averaging $28,950 in debt, as well as record high inflation, the highest in more than 40 years.
Yet Cramer appeared indifferent to the plight of students and young professionals.
‘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 said.
The millionaire also suggested that he was fatter than most people who frequented his restaurants when he was his age.
‘I know you can say, ‘Oh, Cramer’s rich; I don’t want to listen to his lectures,” he said. ‘But did you live in your car on the side of Interstate 5?’
Last year, Money, Inc. reported that Cramer’s net worth exceeded $100 million as the Mad Money host relocated from New Jersey to Quakertown, Pennsylvania.
The Quakertown home listed under his name is a sprawling three-bedroom, six bathroom, $3.4 million property.
It also has a large barn and pasture area for horseback riding that is overseen by a pond filled with springs.
Spacious Quakertown estate has three bedrooms and six bathrooms
He bought a previous home in Summit, New Jersey in 1999 for $2.9 million (pictured).
Cramer previously owned a $2.9 million home with his ex-wife Karen at Summit in New Jersey. The couple bought the house in 1999, and after their divorce in 2009, Cramer sold the house to Karen for $1.
To reach their level of success, the Mad Money host advises youngsters to become knowledgeable about their money and invest slowly in whatever way they can.
He said that when he was living out of his car, he was putting $100 each month into a stock index fund.
He said, ‘I put that money away and it made me a millionaire.’ ‘If you have a few bucks to go out, you have money to invest.
‘Just keep it consistent. Over time, stocks have proven to be an incredible asset,’ he said.