Early Life and Education
Jim Cramer was born Feb. 10, 1955, in Wyndmoor, Pennsylvania, a suburb close to Philadelphia. His parents were hardworking and creative individuals. His mother was an artist, and his father was an entrepreneur who owned a company that sold wrapping paper, boxes and bags to retailers.
Cramer attended Harvard University for his undergraduate degree and was accepted into Harvard Law School. While in law school, Cramer began investing in the stock market and even went as far as promoting his stock picks. His high track record with making good stock picks landed him a job as a stockbroker with Goldman Sachs.
In 1987, Jim Cramer took his knowledge of the stock market and started his own hedge fund company, Cramer & Co. Cramer ran his fund from 1987 to 2000 and had only one year of negative returns. He eventually retired from his hedge fund in 2001, posting an overall annual average return of 24% from 1987 to 2001 and yielding an average of over $10 million per year over the entire 14-year period.
While still at his hedge fund, in 1994, Cramer co-founded TheStreet.com, a website that provides commentary and advice in the stock market. Cramer is the second-largest shareholder of the company, and at one point, the company had a market cap high of $1.7 billion. As of 2015, however, the Nasdaq has the market cap of TheStreet.com listed at under $80 million.
In 2005, Jim Cramer signed on to be the host of the CNBC show "Mad Money," for which he is most well-known. The goal of the show is to teach its viewers how to think like professional investors and not to tell people what to think. The popularity of the show has risen consistently over the past 10 years, making it one of the most popular investment shows on CNBC.
Cramer's success on "Mad Money" has allowed him to host and appear as a guest on multiple investment shows across multiple broadcasting companies. In addition, Cramer has been a guest on prominent shows unrelated to investment finance, such as "Arrested Development," "The Tonight Show" and "The Daily Show."
Net Worth and Current Influence
Jim Cramer has a total net worth of $100 million, according to The Famous People. The bulk of his net worth came from his success as a hedge fund manager, but his success did not stop there. Using his experience as a hedge fund manager, Cramer increased his net worth through a diversified strategy of multiple income streams.
The market cap and cash flow from his ownership of TheStreet.com have given him an increase in net worth. The notoriety and success he has received from his time as host of "Mad Money" has also allowed him to increase his net worth. Due to "Mad Money," Cramer has remained a strong influence within the investment finance realm. He is a leading personality for stock market advice.
Most Influential Quotes
Cramer once said, “I’ve lost tremendous amounts of money in various markets and I think that that’s something that makes you better at my job, not worse.”
The quote is a perfect example of the type of person Cramer has become through his experience as a hedge fund manager and as an on-air investment adviser. If a person has been in the investment world long enough, he's bound to lose money. It is what he does with that learning that makes him a success or failure.
“I will stand up for what I believe and for what I have always believed," Cramer also said. "Every person has a right to be rich in this country and I want to help them get there.”
This embodies Cramer's mentality when he provides advice on his show "Mad Money."