Jim Cramer is a prominent American television personality, best-selling author, and former hedge fund manager. As of 2024, Jim Cramer net worth is $150 million.
He is best known as the host of CNBC’s “Mad Money” and as the co-founder and chairman of TheStreet.com.
At CNBC, Jim Cramer earns an annual salary of $5 million and receives substantial income from book royalties and advances.
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Jim Cramer Early Life
James J. Cramer, popularly known as Jim Cramer, was born on February 10, 1955, in Wyndmoor, Pennsylvania, a suburb of Philadelphia.
Raised in a Jewish family, his mother, Louise A. Cramer, was an artist, and his father, Ken Cramer, owned International Packaging Products, a company supplying wrapping paper and boxes to retailers and restaurants.
During the early 1970s, Cramer sold Coca-Cola and ice cream at Veterans Stadium during Philadelphia Phillies baseball games.
He attended Springfield Township High School and later pursued government studies at Harvard College, graduating magna cum laude in 1977 with a Bachelor of Arts degree.
While at Harvard, he served as President and Editor-in-Chief of The Harvard Crimson.
After college, Cramer started as an entry-level reporter at the Tallahassee Democrat in Florida, where he notably covered the Ted Bundy murders.
He also worked for the Los Angeles Herald-Examiner, American Lawyer, and even the Governor of California, Jerry Brown.
He returned to Harvard to attend law school, where he funded his tuition through stock market investments.
Jim Cramer Goldman Sachs
In 1984, after graduating from Harvard Law School, Cramer joined Goldman Sachs as a stockbroker.
Although admitted to the New York State Bar Association in 1985, he never practiced law. His license was eventually suspended in 2009 for failing to pay the registration fee.
Jim Cramer Cramer, Berkowitz & Co.
In 1987, Cramer left Goldman Sachs to establish his hedge fund, Cramer & Co., later known as Cramer, Berkowitz & Co. He raised $450 million in $5 million increments, earning a 20% fee on profits.
Early investors included Steve Brill, Eliot Spitzer, and Martin Peretz. Cramer retired from the hedge fund in 2001, passing it to his former partner, Jeff Berkowitz.
He claimed that from 1988 to 2000, the fund had only one year of negative returns, achieving an average annual return of 24%. However, some of his results have been disputed.
Jim Cramer SmartMoney and TheStreet.com
Cramer also contributed to SmartMoney magazine as the “editor at large.” He faced ethical scrutiny for making a $2 million personal gain by purchasing stocks just before recommending them in the magazine.
In 1996, he co-founded TheStreet.com with Martin Peretz. The financial news and literacy website was sold to TheMaven in 2019 for $16.5 million.
Jim Cramer in CNBC
In the late 1990s, Cramer frequently appeared as a guest commentator on CNBC. He co-hosted “Kudlow & Cramer” with Larry Kudlow from 2002 to 2005 before starting “Mad Money with Jim Cramer” in 2005.
“Mad Money” aims to provide viewers with investment tools and knowledge. As a condition of hosting the show, Cramer must disclose his stock positions and is prohibited from trading discussed stocks for five days post-broadcast.
The show was inspired by his previous radio show, “Jim Cramer’s Real Money.”
Jim Cramer Books
Jim Cramer has authored several books, including:
- “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)
- “Jim Cramer’s Getting Back to Even” (2009)
- “Jim Cramer’s Get Rich Carefully” (2013)
Jim Cramer Personal Life
Cramer married Karen Backfisch in 1988, and they have two children. They divorced in 2009.
In April 2015, he married Lisa Cadette Detwiler, a real estate broker and general manager of The Longshoreman, a New York City restaurant.
Cramer’s real estate portfolio includes the DeBary Inn in Summit, New Jersey, which he purchased with four investors in 2009, and Bar San Miguel, a restaurant and bar in Brooklyn, New York, co-owned with his wife.
He resides in Summit, New Jersey, and owns properties in Quogue, New York, and a 65-acre estate in New Jersey.
Cramer is a passionate fan of the Philadelphia Eagles and has held season tickets for over 20 years.
Jim Cramer Real Estate
In 1999, Jim and Karen purchased a home in Summit, New Jersey, for $2.375 million.
Jim sold the house to Karen for $1 as part of their divorce settlement. Karen sold the property in April 2019 for $3.675 million.
In 2008, Jim bought another home in Summit for $4.7 million. He also owns a 65-acre estate elsewhere in New Jersey.
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Conclusion
Jim Cramer’s impressive career spans various fields, including finance, media, and writing.
His success as a hedge fund manager, television host, and author has contributed to his substantial net worth.
Despite controversies, Cramer remains a significant figure in financial media, known for his investment advice and engaging personality.
His continued influence and numerous ventures showcase his diverse talents and enduring impact on the financial world.
