Jim Cramer has the nerve to lecture Gen Z on $14 margaritas

A photo of Donald Trump and Jim Cramer

File photo of Donald Trump and Jim Cramer at Rockefeller Center on May 12, 2008 in New York City.
Photo: Michael Loccisano/FilmMagic (Getty Images)

Jim Cramer, the CNBC host reportedly worth at least $150 million, thinks Gen Z is buying too many $14 margaritas at the bar he owns in Brooklyn. And while we’re all for giving less money to millionaire baby boomers like Cramer, it’s important to remember Cramer’s background for advice, like the time he told everyone to buy ethereum just before it sinks.

“One of the problems I see about Gen Zers – they’re not frugal enough,” Cramer said in a CNBC Video posted on Wednesday.

“They almost feel like they’ll always have a lot of money even though they don’t have a lot. They have to change their way of thinking,” Cramer continued.

Cramer then covered his reviews and said he doesn’t call for everyone to eat instant ramen all the time. The TV host just thinks he’s giving practical advice and doesn’t believe young people when they complain about high college costs.

“I saw the money being spent as if it were growing on a tree. I saw five $14 margaritas [consumed by] a person,” Cramer said. “I saw several beers to the point where it was $40.”

“Don’t have that second margie, third margie. When you confront them, they say, ‘Well, but student loans,'” Cramer said of the young people he’s supposed to, allegedly, maybe speak with.

“On the one hand you say you’re allowed to have all the margaritas you want, but on the other hand you say, ‘I can’t invest, I have student loans,'” Cramer said.

Where does Cramer want these young people to invest their money? He doesn’t say specifically in the new video, but he’s on TV pretty much every day, which means people are hearing a lot of investment advice from him. Take the cryptocurrency Ethereum, for example, as just one investment opportunity that Cramer recently promoted.

On April 28, when Ether was trading at $2,900, Cramer said“I think Ethereum is great. I’m a believer. And I think you could easily get 35 to 40 percent.

How has the ether been since Cramer gave that advice? In reality, Ether has crashed and is currently trading at $1,092. If you invested $100 in Ethereum when Cramer told you to buy, you currently have about $37 worth of Ethereum. But if you had spent that $100 on margaritas for you and all your friends, you would have had a fucking good time, provided you didn’t go to Cramer’s bar.

What other great advice has Cramer given recently? The Mad Money host said everyone should buy stocks on netflix on January 3 of this year. Netflix’s stock price was $597 on Jan. 3, down about $100 from its all-time high of $700 a few months earlier.

How is the Netflix stock price doing these days? It is currently trading at around $178. Again, if you skipped the margaritas and invested your money in the things Jim Cramer told you to invest in, the only thing you were saved from was a potential hangover.

Or take the AMC theater chain, whose shares Cramer told people to buy on September 9, 2021. The stock was priced at $35.54 at the time and is currently trading at $12.60.

The list goes on and on when it comes to bad bets Cramer has peddled over the years. In fact, some people have started a trading strategy called the “reverse burn” since he had so many bad predictions. And don’t even get us started on the fact that the average student loan debt in the United States is around $39,000. That’s over 2,786 margaritas at Cramer’s New York bar.

We’re not saying it’s wrong to be frugal. Live your life and spend your money as you see fit. But every time wealthy baby boomers point to relatively insignificant spending — whether it’s avocado toast or margartias — and say it’s the reason young people have money problems. money, they lie or they are stupid.

Baby boomers don’t seem to grasp the idea that they’ve taken advantage of incredible economic benefits adapted to their personal growth and to their existence in the second half of the 20th century. And if they haven’t figured it out yet, they never will. You didn’t get rich because you’re particularly frugal and a genius. You’ve had a lot of societal support along the way, whether you want to admit it or not.

Angela C. Hale