With a remarkable resume of roles on and off Wall Street, the former hedge fund manager is now a popular television personality. He’s known for hosting CNBC’s Mad Money and co-hosting Squawk on the Street. Jim Cramer has a net worth of $150 million due to career in finance.
Background
Born on February 10, 1955, James Joseph Cramer grew up with Jewish parents in Wyndmoor, Pennsylvania. His mother, Louise, was an artist and his father, Ken Cramer was the owner of International Packaging Products, a Philadelphia-based firm.
Jim started following the stock market in fourth grade and kept it up until high school. He attended Springfield Township High School. Young Cramer earned a Bachelor of Arts in government from Harvard in 1977, finishing magna cum laude. In 1984, he graduated from Harvard Law School with a Juris Doctorate.
Early Career
After college, he made $15,000 per year as a newspaper reporter. While working for the Tallahassee Democrat, Cramer was one of the first journalists to cover the Ted Bundy killings as he lived nearby.
He went on to write obituaries for the Los Angeles Herald-Examiner. While working there, his apartment got robbed, and as a result, Cramer had to live in his car for nine 9 months!
To build up his network, Jim was also a research assistant for Alan Dershowitz during his time at Harvard Law School. To make enough money to cover his tuition in law school, he started investing in stocks.
Rise to Prominence
He continued his career in sales and trading at Goldman Sachs in 1984. He left three years later to start his own hedge fund, Cramer, Berkowitz, & Co. He raised a total of $450 million from a group of wealthy investors and in return received 20% of the profits earned.
The hedge fund was a huge success and over 14 years, it reportedly generated a 24% average yearly return. During his hedge fund days was when Cramer developed a reputation for being a hot head.
Also, Cramer was an editor for SmartMoney magazine. He allegedly made a $2 million profit buying stocks before recommending them in a newsletter.
In 1996, Cramer co-founded TheStreet.com with Martin Peretz and it became one of the top financial websites for trading news and stock picks. TheStreet.com’s popularity peaked in the mid-to-late 2000s and the website was acquired by TheMaven for $19 million in 2019.
CNBC
Jim Cramer and Larry Kudlow co-hosted the CNBC talk show Kudlow & Cramer from 2002 to 2005. Until December 2006, Cramer presented a one-hour radio program called Jim Cramer’s Real Money, which was the inspiration for his TV show. Mad Money.
The show helps average investors stay informed on the latest market movements and invest in the latest trends. Apart from Mad Money, Cramer is an anchor on CNBC’s Squawk on the Street.
Other Ventures
Aside from investing and making media appearances, Jim is an author. He has published various books on finance and investing. This includes Mad Money, Real Money, and Confessions of a Street Addict.
Personal Life
Cramer indicated that he had mental health problems related to his rage and job behavior. He attributed it to his experiences growing up with his father.
As for his love life, he married Karen Backfisch and had two kids together. They got divorced in 2009 but later found a new partner in Lisa Cadette Detwiler. He married Lisa in 2015 who is a general manager and real estate broker.
