From Living In His Car to Being a Multimillionaire (w/ Jim Cramer)

"Some evil thing happened here, I mean, happened here." Three people die in a quiet suburb in Mississauga, Canada. It's not a coincidence. One after the other, in the same house. Is this bad luck or something more sinister? The worst investigative mess I've ever encountered. Long simmering, what took you so fucking long to get here. From Sony Music Entertainment, this is what happened to the Harrison's. I'm Amy Dempsey-Raven. What happened to the Harrison's is available now on the binge. Search for it wherever you get your podcasts to start listening today. Subscribers to the binge can listen to all episodes, all at once, add free. Hello, it's Elizabeth Day from How To Fail Here. My next guest is the pioneering British fashion designer, renowned for his signature classic with a twist aesthetic. Sir Paul Smith. They say, "Oh, Paul's job, yes, head of happiness." That's my job. I do close as well. Listen to How To Fail, wherever you get your podcasts. I bought a company called Memorix Tellyx. It was too large to ask. I said, "How much can you lose?" "How much can you lose on a too large to ask?" I was $200 million. What? This is Financial Tea. What's up, zippers? Welcome back to Financial Tea. This is the podcast where I teach you how to build wealth with a side of market drama, money scandals, and, of course, financial pop culture. Today, we are joined by the one and only Jim Kramer. He is the host of CNBC's Mad Money. He is the co-anchor of CNBC's Squawk on the Street. He is my favorite financial journalist. I watch him every single morning. He is truly the blueprint when it comes to financial literacy and just putting economic concepts into terms that are actually digestible to people, getting people to invest, getting people to feel confident. And I'm really excited to have him in the studio today. Jim came to Brooklyn. Welcome to Jumbo. Jim Kramer on the Financial Tea. But first, let's get into the MDJ market report. What's up, rich people? Today's market report is all about patron saint and halfway queen of the summer because it really is Anne's world. We are just living in it. Like, the woman has five movies out this year, including the Odyssey, which just reached over a billion dollars at the box office. Okay, slay. And, Jumbo, please, she is expecting her third child at 43. Oh, Anne, she has been absolutely crushing her rent carpet maternity looks like Rihanna Hill. But the reason I wanted to talk about this was also because AOC is all over the news because she is freezing her eggs. She's sharing her egg freezing journey online. She's 36. It's been like everywhere. Obviously, like, the right is picking up the left is picking it up. And, you know, she said it's really expensive. Like, even as a member of Congress, her insurance has covered 0% of the procedure. So she's paying out of pocket over $8,000. So I just was like, these two stories together. Like, we've got an a list movie star having a baby at 43. And then this 30 something year old congresswoman freezing her eggs. And this is what's dominating the new cycle at the exact same time. It feels like this isn't celebrity gossip, even though obviously I love celebrity gossip. It feels like we are looking at the poster children for basically one of the biggest macroeconomic trends of our generation, which is the delayed motherhood movement, which I talk about a lot. And by the way, I am 35. I have not had kids yet. I have an amazing career and I want to have kids. So I'm part of this. But let's zoom out and talk about how wild the contrast is between generations. Like, for our moms, the playbook was so different. It was literally get married as fast as you can. Like, you'd be 19, 20, whatever it is. Have kids as fast as possible. Do it first and then figure out your career or re-enter the workforce later if you could. And back then, the math supported it. Like in the 80s and the 90s, a single income household could comfortably buy a house. It could comfortably raise three kids and send them to college without taking on crippling debt. The American dream actually sort of worked. But today, the financial sequence has completely flipped. Women aren't delaying pregnancy or freezing their eggs on some random whim. They're doing it as a rational economic response to modern prices. Because let's be real, if you have kids early in your career, you hit what economists call the motherhood penalty. And that is where taking time off during your peak building years permanently damages your lifetime earning potential. So as a result, modern women are staying in the workforce longer. They're getting promoted. They're securing their damn financial bags. And they are pushing family planning into their mid 30s into their early 40s. Yana Miller did it, Aubrey Plaza did it. And as AOC put it, she said that we've effectively turned having kids into a luxury good, which is so true and so sad. Like in the US today, raising a child 0 to 18 costs over 300K. And that is before higher education. And then when you factor in a housing market where the median home price is nearly six times average income plus daycare that costs as much as private college tuition. People are just delaying kids. Millions of people are realizing that they simply cannot afford them. Like maybe they would have liked to have them, but it just really doesn't make sense financially. It's not responsible. But what's crazy is what this is doing globally. So while delaying or opting out of kids obviously makes financial sense on an individual level, that does have a global impact because to keep a country's population stable without relying heavily on immigration. You basically need a fertility rate of 2.1 births per woman. And right now the US per three has dropped to around 1.6 and countries like South Korea have plummeted below 0.7. And by the way, this is not on women. This is because the system has made it so hard to have children so people are opting out. But fewer babies means a shrinking workforce tomorrow. You know, people are going to retire and then there's not going to be enough workers to take their positions. And economists call this the demographic cliff, which is when you end up with fewer young workers who are paying into tax bases, paying into social security systems. And then at the same time, you have a massive generation of retirees leaving the workforce. And this creates labor shortages. It drags down GDP growth. And it just like completely flips the economic dependency ratio on its head. And for this I say thank G dash D for all the data centers being built because you know we're not going to have that many children, but we will have AI to take the jobs just kidding. But the silver lining of this whole thing is if you're an investor in fertility because all this capital is aggressively following the shift. Because more women are delaying child bearing, we are seeing a massive boom in what they call the femme tech and reproductive longevity market. The global IVF and fertility industry is projected to top 40 billion, which basically turns egg freezing and fertility preservation from like this niche medical service into a standardized corporate benefit offered by Fortune 500 companies to retain top female talent. Obviously not Congress though sorry AOC, but you know other companies. So yeah, whether it is Anne Hathaway starring in five movies while pregnant at 43 or AOC talking about the $8,000 out of pocket price tag of egg freezing or Aubrey Plaza just had a baby, see on a Miller, like I said. We just see women prioritizing financial and career security first and then having family second and that is forcing the entire global economy from labor markets to health care tech to adapt to a totally new timeline. I think that the female autonomy part of this is really exciting like as a successful woman, I don't think that I would have the career that I haven't been making the money I have if I had children, there's no way, but I also think it's really sad that you know people can't afford to have kids anymore and that really needs to be a priority for the government to work on talking about things that are rewriting the rules of modern life. Bumble announced this week that it is officially killing the core feature that it was founded on, which is that women make the first move. So when you will heard built Bumble in 2014, it was a direct response to her time at Tinder, she, you know, was discriminated against there, she wanted women to be in control. And it was very 2010s girl boss feminist empowerment women take control said the first message dictate the terms core. And that single feature was the entire brand identity like that was the marketing campaign that was the whole IPO story that was Bumble, but then as of this week that role has been found dead. So now anyone in a match can now send the opening message and Bumble is even stretching the reply window from 24 to 72 hours because men are pink. but also because users said the pressure to respond fast was quote stressing them out. But this wasn't like a branding play. It's just that Bumble is broke. Like they are not doing well according to their Q2 earnings report. Total paying users has has fallen over 16% year over year down to 3.16 million. Quarterly revenue has dropped 15% to 210 million. The stock is down more than 90% from its 2021 IPO high, which like I always say guys not to mess an IPO's. But I will say also this abandonment of ethos always happens when companies are strapped for cash and sort of just like struggling. And this women messaging first was a brand strategy clearly, not an ideology, which is disappointing. And it's just sad that when it stopped delivering downloads and dollars, it got scrapped because that was sort of the whole thing. Like what is Bumble now? And I just think also when a company loses their brand identity, it becomes easier for them to fall off the map. So I wouldn't be surprised if that's what happens here. Maybe I'll talk to Jim Kramer about that because he is so smart. He's on the episode today. He is a star at CMBC. He's been on air talking about money and stocks for over 20 years. He really is a goat in this game. And I adore him. So enjoy that episode and stay rich. Kelly, first while I appreciate all the things I said that you said about me, those are all part for the course versus what you've done. No, I'm not kidding. There are there's a cohort of people. They're maybe a couple of about 50% of this country, who I think are mistreated. I think are regarded as being contemptible at times. Well, let me speak to the man. My own wife was told, look, you're not big enough to be handled by us. And I'm telling it was all women because they never would have said it to a guy. And along you come and people are scared. People are scared. The sexes are scared. Thank you. Well, they should be. They should be. They should be because you have them on the run because you're wise to their game. Yeah. Your family's in the business. You know about all this stuff. And you've broken the code. I don't think people, there are a lot. There's a huge percentage of people who wish you go away. There's no, but there's no hire. There's no hire. But for you too. Well, yeah, the old days I don't know. I'm like a voncular, but you are changing about me. We I love that you want to shine the light on the way the book today is about you. Let's just start with a few rapid fire questions. Sure. So Jim, we always ask our guests, what are your best and worst purchases of the week so far? And how much do they each cost? Because my stepson's getting married. Yeah, it's a big week before the wedding. He's running a lot on the wedding. I bought, I went to the bank to get money for the tips. Okay, bought a lot of liquor. How much should we spend on the liquor? How much? We love a number on the show. Well, you know, I think the liquor is going to come through. It may come through as high as 10,000. Okay. And the only reason I say that is because the greatest thing in the world about liquor is is that if we don't drink it, it's still good. Yes. These are not flowers. Now, we did go buy flowers. And I don't want to count flowers very expensive. Oh, it's insane. And that we want them to make too. They've gone up so much. Holy cow. Yeah. And I, it's for them. All right. So, so we have to, we got pork potty, a giant thing. So we side we're going to rent some trees. Okay. And so we go to my favorite Hampton day nurseries, like the greatest guys, my wife's looking to build. And she goes, wait, $1,200 to rent trees to hide the pork potty. Get me some $700 trees. No, no, no, the difference. So that's, that was my negotiation this week. So we bought a pork potty, we bought trees, we bought liquor. Yeah. And I bought some, some, some cone sunflowers because I'm having trouble getting bees. And even those have gone up in price, but not crazy. They gave me a little discount. Okay. Let's take a step back because for people who, I mean, I've never noticed you, but where people don't know you, let's just broadly, how many hours a day do you spend on TV? Because I feel like whenever it turns the NBC on, you are there. They should just call it Jim BC. I'm on for, for two hours, and then I'm on for another 10 minutes for my, for the CBC investing club. I know it does seem like my wife says, listen, Jim, you're the most overexposed man on TV. And I come back, I see, do you know that all the anchors have two hours? I'm just another anchor with two hours. Yours just packs a bigger punch. Well, I think that I can be more off the cuff. How about that? Yeah. Like you. We're not, now, is it that we're not afraid? Or is it that we don't know how to not be afraid? I don't know how that we're impulsive. I think it's the law. Yeah, 100 percent. I think we lack some sort of fear around that. At one time, I had a big fight with a fantastic couple at home where she said, and I love her. She said, you, you have no governor. We're leaving. And I looked at and I said, you're right. I have no governor. That's a really good two. So I always use that term. I love that. And I don't think we need governor. We don't have governor. But so you got into finance 30 years ago. And I sort of want to start the interview just asking like, what are the changes that you've seen and how we actually talk about money? Well, I think that we've actually regressed. I'll tell you what I think that we talked a lot about money and the opportunity of making a lot of money by picking good stocks. And somewhere along the line, we were convinced that you shouldn't pick good stocks. You just be an index funds. I don't mind index funds if you have not an ounce of time to be in. But I do think that there are a lot of people if they listened or had their eyes open, they would have had Apple. They would have had Meta. They would have had Amazon. And these were much better than the S&P. So I've been recommending a mixture, some S&P, and some keep your hand in. And I think that the latter has gone away. So the thing that's changed is the idea that anybody who works or can pick individual stocks at the exact same time that we have chat, GPT, and we have Claude, and we have Grock, and we have Prox. Well, we have pretty much everything that you need to look things up. And yet we're not, we're not availing themselves of it. And I think people should. So you think that people should buy individual stocks, like, and a mixture with that of index funds. Yes, I do. So when you started on TV in 2002, we're a lot of people talking about stocks on TV at the time, like, how, what was sort of the climate? Well, I think it's a great question. See, because I first started as a co-host on Squall. I was, I was in Good Morning, America, but that was just doing straight business. Then I was a co-host of Squall, 1998 to 2000, and that was the heyday. Oh, that's huge. In 2002 was the investigation, 1998, boom, 1999, boom, 2002 to 2004 in investigation of everybody. He was too bullish. Oh, my gosh. So you're really like right on the front lines? Well, fortunately, I wasn't on air during the two bullish periods. And I did bring a company public the street, but I was, you know, very upfront saying, listen, it doesn't belong. We're open. Yeah. And you weren't supposed to say that, but I said, look, I don't want people to get hurt. Yeah. You don't want people to get hurt. No, no. First is I can say, do no harm hypocritical. Yeah. You don't want people to be in stuff that they can't handle at the time, but you want them to be conscious of their money. Yeah. And to know that they're, you know, what they own and to be aware, or else they're going to get hurt. How do you encourage someone to gain that knowledge of their money if they've never had it before? Okay. So my solution, and it's from a thing I needed to do, I needed to do for my father. So I knew where everything was. If you can't put all the things you own in one page, you're doing something wrong. My wife has the one page. So one page. It's got everything. It's everything or everything you need to know. You know, you obviously don't want to pass from the server to any guy I'm assuming, but I am available at a very easy page that she has where lie by line, where it's kept what it is and who to talk to. And she knows it. And I'm glad she knows it. And I updated when I win something changes. One page. Anything else, you're just trying to make it too hard for that person. Yeah. And, you know, you talk about your wife and we talk a lot about on the show about, you know, money and relationships. And, you know, obviously you've been so successful. And so with your wife, how do you guys handle finances? And how do you, you know, make sure there is that transparency? All right. So we're split. I handle, it's not like I handle anything at all. I do the allocation of bonds and index funds. And I think that that's fine. She handles all the businesses. She has a liquor business that I think is going to be very successful. And she has a real estate business that she handles that's run at cash flow positive. I don't intrude or intrude on hers and she doesn't intrude on mine. It's a flash point if I say, can I just ask you about Fusforo? What's going on? That's a liquor business because it's not in my business and not on the board. And she really doesn't like it. She's, I'll ask you for help when I need it. And I say the same, which is I'll ask you for help. And we recently bought a piece of property in East Quad. And we did it because my wife said, this is a good buy. And we'll fix it up and maybe we'll rent it and maybe we'll sell it. But my instinct is to rent it. And I said, look, you know this market. I don't know this market at all. And she had to go, you know, a couple of closing difficulties, stays very much in touch. And I just say, and not your response, but I think just tell me where to wire. I went to see the property at her suggestion. But that's all her business. She runs a villa in Italy and she runs a housing project in Mexico. and I don't bother her unless she wants my help. In some ways I'm more clueless than she is about what I do because I got, she got the one page. - Got it. So, but when it comes to like your household finances, how do you split that? - She pays the bills. Anything that hits that's too big, she asks me about. - Yeah. - Like I just bought her son, my stepson's getting married. - Yes, it's exciting. - She said, "Okay, what is this ex at Breone?" (laughing) And I said, "I plead guilty." It was wrong. It was, maybe it was the champagne. Maybe it was how great looking your son is. But yes, now, first of all, that was obviously way too much. Second, you look terrible in the pants. So I had the pants taken in yesterday. I had to have that. But she spots the ones that. - She's the CFO. - Oh, most definitely. - Yes. - And I have a CFO who is actually a father of God. - But of the household finances, she's in charge. When you put your body in the hands of a surgeon, you assume your doctor will do you no harm. - I'm looking at the surgery board for tomorrow. These people are (beep) crooked doctors have launched their most ambitious fraud yet, worth over $1 billion. - One doctor says, "My kickback was $25,000 and the other doctors go and we only got $12,000." - From Sony Music Entertainment and Western Sound, this is Dr. Billions. Coming October 1st to The Binge, listen wherever you get your podcasts. - Some evil thing happened here. - Three people die in a quiet suburb in Mississauga, Canada. - It's not a coincidence. - One after the other in the same house. - The worst investigative mess I've ever encountered. - Long simmering, what took you so fucking long to get here. - From Sony Music Entertainment, this is what happened to The Harrison's. - So back to you're talking about individual investors. And how most people, if they have that curiosity, should try and own individual stocks if they're interested. But part of that is getting things wrong. You have to, with an index fund, you have a lot of padding. But with, when you buy an individual stock, you don't have that. - No, you don't. - You make a ton of predictions on your show though. So how do you react when you get things right or wrong? - Well, like yesterday, I said, I'd be up. I said, I had really believed in urban Krishna. I think he's true, he's a CEO. I thought that they could transcend this problem of software, getting pushed down. They've got a good hardware business. I did not see that the cost of smaller hardware, like DRAMs that go on up so much, semiconductors, that people were saying, you know what? Or when we can't buy your heavy machines right now, we have to start, we have to buy these, the DRAMs. And I said, this was a mistake that was not a rookie mistake, but it was a mistake I believed, and I got it wrong. And you could say, well, Jim, does that mean I should know an individual stocks? And I say, well, look, I want you to own five individual stocks. But again, you're gonna make mistakes. What I, the work that I've done have shown that if you have one real big win, the book was written in 2023, then I read it in 24, then I already did it in 25, but I used 1924 to 2024 data. - Okay. - And I looked at the top 100 stocks. Almost all were recognizable names. - Yeah. - And if you would bought any of those, you know, vulcan materials, it's a company that make rocks, you would fill up more, it's like, you might have tobaccos, but there were just too many opportunities that would have made so much more money than an index fund, including owning for Shrathway. And yet there's, there is Warren Buffett saying, don't you dare own a stock, but you should have owned his stock. You know, I like, you know, I'm talking about owning Costco, 'cause I like it. - So today though, if someone's watching this and they're like, okay, Jim, I want to expand out of index funds. I want to buy some individual stocks to have any that you recommend. - Yeah, I do. I happen to think that, let's say you had $10,000. Put, put $7,000 in index fund. I like to get, most people I like to get up to $10,000 for index fund before they can own individual stocks. - Okay, I like that. - So my floor is, when you get to $10,000, you can buy stocks. I don't want to exclude anybody, but want to buy 100 shares of Intel at 104. I like Intel a lot. Johnson and Johnson, Triple A balance, she $250. Really, really good company. I think that that's great. I like you, I will be, I really good. - Oh, it loves you, I love you. - Yeah, yeah, it's good. - So the kinds of stocks that I'm talking about are not obscure. They're pretty good in terms of how we view them. I like Amazon, not love, but like Amazon. And so what you do is you try to do it slowly, and maybe you can only own three. I don't know, but the reason why I favor individual stocks is because I already have the bedrock. The bedrock is the index fund. So I tell everyone, if someone came to me on the street and said, "Jim, I want an individual stock." The first thing I say is, "Do you have an index fund?" They say, "No," I said, "Listen, talk to me "when you have $10,000 in your next fund." Then you'll have the bedrock. So then you can start taking some risk with an individual stock. And that's how I view it. - I love that, that's a good boundary. But you know, you've been trading individual stocks for a long time. - Since 1979. - So it's your fourth grade, right? - Well, I did in fourth and fifth grade. Yeah, Mrs. Mixer's class. 'Cause my dad tried to encourage me to understand what a stock was. I father lost everything on a company called National Video. So I'm completely aware about the need to be an index fund and not go to heaven. - Yeah, yeah, yeah. - National Video was his brother's tennis player partner, ran an office in Philadelphia and told my father's brother to buy National Video. My father's brother told my father to buy National Video. He kept put money in it and was going up and money when it goes down and I asked, "Pop, what do they do?" And pops it there in the entertainment business. They were not, they were in the vacuum tube TV business. And then Alon came solid state one day and they went bankrupt. And my father lost everything and it was very tough. - What do you think about these moments in life where you do sort of bottom out? Like I know that you had one like that where you lived in your car. - Yeah, that was bad. - You know, so it's like we do learn a lot though from those moments where we sort of hit rock bottom a little talk to a little bit about that. And talked about the desire to be and use the word. It's very specific, rich. You want to be rich. I was the only person who said I want you to be rich, really rich. That's the first line of the book of real money. And it was crass. But I was coming from when I lived in the back of my car and I said, "You know what, I'm sick, I have mono, I have joined this liver, I'm drinking too much, I'm living in the back of my car with the same clothes, I put baby powder on it every day to make it so you don't know it. And I'm going to get rich." - Yeah. - And people would laugh, laugh and laugh. So how old were you when that year? - From when I was 21 to when I was 26. - During that time you were living in your car? - The last year I lived in my car. - Yeah, and so that was, but you said that even while you were living in your car, you were still investing. - My father said there's this guy that's just Magellan Fund. You got to be Magellan Fund. It's pre-pre-pre-religious. You got to send $5, $10. So you just go to Security Pacific, now bankrupt bank. And just like, here's $10, here's $5. Here's $3. And you know, I wanted, you know, put it in and save some money. About $100, I would then send it to fatality. It was important. It was important because I didn't want to be poor. I was embarrassed. People feel it's very glamorous and the issue was glamorous. It was. It was glamour, I was covering, covering first pay, homicide stories. I was on front page every single day. - Yeah. - I would meet people and then I was like, that was my story and the story. But in the end I was living in the back of my 1978 Ford Fairmont and it was just really terrible. So after I left LA and then I moved to New York, for $20,000 a year, I worked for Steve Brill and Mark and Laura. We started that. And then I was able to start really making some good picks. - So, wait, so you go from living in your car to then you got this job in New York. Walk us through sort of how you then found your way into financial media. - Sure. Well, I was, I realized I said, geez, everyone seems to be making money on these takeovers. What they were doing at that point was the well consolidation. So you would look and say, - But when you were in the car, you were like, I'm gonna be rich. Let me figure out how I can get rich. Okay, I'm seeing that people are doing this thing where they're making money with the takeovers. I wanna do that. Like you were a laser focus. - Ten shares of the talk. - Yep, yep, yep. - You know, five shares of Kermakin. A hundred shares of fill of conical before the deal with DuPont. And then I realized I said, you know what? I got to get out of this. I thought I wanted to be a prosecutor. I applied to Harvard Law and got in. I had deferred because I haven't took it a time. By that point, I was really getting my act together. Then I went back and at Harvard, I was a very, very big option trader. And I had one trade that paid for law school. - Whoa. - Yeah, which was-- - What was that? - We think of it as Chevron, but it used to be, it was, it was Southern Cal. It was the exon of this, of California. And they merged, they booked Gulf Oil. And Gulf Oil, look at the deal, wasn't going to go. through and I was taking an antitrust class and it went up to the professor professor reader who's the greatest antitrust mind of any generation. And I said, listen, I, I want to ask you, you're never in the class. I said, I'm always in the class. Look, you're reading the journal in the class. It's a little disrespectful. I say, okay, absolutely, but will this deal go through? And he said 100% of good. But no one thinks it's going to go through. No one thinks that Chevron's going to be able to buy because I don't care about no one. I'm still a reader. And this is the antitrust. So I just bought the phone. I mean, everything, I put everything on it, put everything, everything, everything. How much are we talking? I put in enough to be able to make about 80,000. So, but you don't remember exactly? Well, but it was a, you know, it was a factor of like six. Oh, wow. Okay, amazing. And how long did it take for you to make the money? I like 10 days was 10. But I was able to put a lot of money away. And then I took everything and put it on this because I figured what would a reader knows more than everybody. And it wouldn't have been the strike price that I bought would not have wiped me out. So it wasn't all enough. Yeah. But it did pay for bus. That is pretty impressive. And I pay for my credit cards, but you really, you know, you can't beat the credit card. You cannot. That's the Green Reaper. Yeah. That really is. Is there a deal that you didn't make? And you regret? Oh, God. Yeah. And, you know, I, I sold Hanukkah way too soon to pump with higher and higher. I missed that. That was bad. And I should have bought, there was this period where you had a lot of smaller end time in Shamrock. I mean, that was just right there. Yeah. My next guest is the pioneering British fashion designer renowned for his signature classic with a twist aesthetic. So Paul Smith, they say, Oh, Paul's job. Yes. Head of happiness. That's my job. What a great job. I do close as well. Yeah. Yeah. Listen to How To Fail Whatever You Get Your Podcasts. I also want to talk to you a little bit about your morning routine because I feel it's insane. It's sick. Yeah. We need to know because it's true. I think you might have, you know, now every CEO is like, pretends that they've a morning routine, but I think that Jim Kramer invented it. Well, look, I mean, when I was at Goldman and I was a head for manager, I had a very hard time getting past 247. Sleeping past 247. Yeah. And I just decided I'm just going to get up and just go to work. I now go to 330, which is much better. And I attribute that to, to melatonin and clonopin. Yeah. Okay. Clonopin only take a half. It's no worry. I know it's. But I need to be able to stay asleep for four hours. And then my trainer comes and four and beats the bejesus out of me for an hour and a half. What do you do? What does he do? We do, we do cardio and strength. So it's like, you know, the first, the first 40 minutes on the treadmill. Yeah. And then it's just dreadful. And we finish with three sets of three sets of 50 push ups, which I still can't believe I do. That's amazing. Well, you know, he gives me a little breather between. Yeah. That's amazing. I do think one of the best uses of money is a personal trainer because I would never lift a weight on my own. If I didn't have a trainer being like, you need to do it. There's a trend right now online of expensive things that are worth the money. What do you think are the five most expensive things that are worth the money for you? Okay. Candidly, I had some bad problems with my eye. Yeah. That's, I now address. I had no peripheral vision. And I had a driver from take me everywhere, not just to work. And now I have to make Candidly. I kept that. That's expensive. Yeah. But that's, I honestly feel like a driver, especially when you work as much as you. Yes. And you can use your car as like a little office. Yes. And I do. Yes. How much does that cost per year? It's split with the company. But it has been as much as 225,000. Wow. Okay. But I do have an allowance. The company gives me a land. I mean, it's part of my contract that I have a certain amount of money that I can do. So what do how much is the allowance? I prefer not to say that. But I just say it's a, when I say it's a allowance, it means like that, that I said, look, I'd like to have a driver provide. They said, absolutely not. We pay you enough for your Mark X. Yeah. As expense for Kramer. Yeah. Why? And that's what I can expense it. Okay. So back to your morning routine. So after you got your ass kicked by your train or what's next? Then I go back to look at the market. I try to write some thoughts down. I do this memo for our trip for the, for the CMC investing club of the 10 things I'm watching. And I start putting them down. And then I go take my shower. I come back and keep doing that. Then I have the driver picked me up and taken. I'm done that memo, usually by around 715. I meet with my team to talk about what's going on. I meet with Jeff Marks. But what we're going to talk about for what we're interested for the club right now. But not that I really work hard to be ready with Carl, continue and David favor to the greatest partners of the world. Do that from nine to 10 study for the 10 20 morning meeting that I do with an investing club. And then I have from 11 to two that are literally just to thinking right. So you really clear time to be creative. When it comes to AI though, something I've been reading a lot about with like I tell everyone to invest in index funds because you're so focused on individual stocks. I'm really focused on just trying to get the most people investing. I think that's great. And you know, I love what you do. I do have a product that an investing club to teach you how to do it. But I again default to, I mean, should my, my wife have been picking individual stocks. Yes, for what she knows. Yeah. But she knew that most of her money should be an index fund. When I saw it, I said, Hey, that's great. I didn't say what, how could you, but she owned Apple? She I said, well, she's just because the kids went up so smart. Yeah, I wish I had bought a great idea. But with when it comes to index funds now, like the magnificent seven and you know, it's also heavy with tech. And even if you're not buying individual stocks that are focused on AI, your portfolio is so AI focused. And so do you think that that puts individual puts us in danger? People owned index funds. You know, I've got to be true to what I've been saying, Hilly. And I've been saying that you've got to sell tech as it goes higher. I don't want, I want to AI proof your, yes, that's what I'm asking because I need you to be. So you'll be oh, oh, no, you want to be AI like what should you do? You can go in just S&P is still good. It's not too infected. Yeah. And now it's like 100 no longer any good to infect. Okay. But you can own, I rather you in a biotech, yeah, index fund for 20 for 10 percent of your money. This is doing incredibly well. But I just think that what you want to do is if you're in the, even though I like micron or in Western digital, see these are the hottest stocks of our generation. They're a national video. Okay. Not micron, but the others think they could be, they could be disrupted. Get away from the stuff that can be disrupted and understand why it could be disrupted because they're not that hard to make and someone could come up with something better. And China already is. Yeah. And I feel very, you know, I really feel strong that health care is really undervalued. Banks are really undervalued. Retails really undervalued. These are whole sections of the economy that are just way too low because of all the money that went into data center. There you go. Even for someone as fiscally responsible as you are and thoughtful about planning for the future, what is the dumbest thing that you've ever bought? I bought a company called Memorix Telex. It was $2.00. And I said, I bought it at $2.00 then $1.00 and $1.00 and $7.00 and $8.00 and $1.00. I say, how much can you lose? How much can you lose on the $2.00 stock? I lost $2.00 million. What? Yeah, because I kept buying all the way down. And then I went bankrupt. So you didn't know when to stop? Well, I met with a company many times. I thought that they actually had a good business plan that I just I lost. What did that feel like? Why does it hurt me right now? It was 40 years. You never got over it? Never. Neither did my former wife Karen Kramer, who 100% blamed me for it in his right. And do you think that like split you up a little? No, she got tired of me though. She just, I mean, you got tired of Mike. She ran the firm. Yeah, I worked for her. Yeah. And there were times like that one and a company called Rex on. She goes, you know, you don't even, these companies are worthless and you're just fooling around them. You know, just get smart. She was an unbelievable good trader. She's all and you can go read confessions of a street ad. It's dedicated to her. It didn't necessarily make things better. But I've made, I mean, I was doing some, that was a serious mistake that it's a $2.00. How much can you lose? And I just told you how much you can lose. It's pretty bad. That is all. Two and a half million. That's crazy. So it is idiotic. Yeah. But I mean, but you learn from it though. I learned that it doesn't matter what the price is, how low it is, you can still lose everything. And so now, but you're still in the individual stock game. Well, like, look, I want to teach people, look, I made a lot more money in stocks than I would have been in index much, much, much, much more. And people have asked me, well, how do I do it? And I said, up a club and people of them, well, and, you know, people are interested. They want, if, you know, it's like, if you're going to do it and you want to own individual stocks, belong to the club and you wish you don't know how to do it better. That's what I want. Well, we'll put all the information for Jim's Club, which is so amazing in those show notes. Jim Kramer, financial tea. Let us know where we can find you. Yep. Well, you know, I'm on CMBC all day. All day, all day. CMC investing club. You're going to list that. I had a book. I had book that came out. I haven't made money in marketing. It's very basic. All of Jim's books are amazing. How are opening accounts? IRA. How do I open IRA? Let me start somewhere. Right? IRA. Great. Let's start. Yep. Love it. Jim. Stay rich. Okay. Hey guys, jump scare. It's me, Haley. I just wanted to check in after that episode, because obviously Jim Kramer is a legend, but also there were some things that we didn't get to discuss that I wanted to just, you know, bookend before you end this episode. First of all, Jim Kramer is not buying individual stocks for his own portfolio. Let's get that straight. He buys them through a charitable trust and he has donated over $5 million to charity through that. So none of the anchors that you see on CNBC who are talking about companies are actually allowed to buy and trade those companies. So I just wanted to clarify that. Also, I just want to talk about his origin story because I think what's so amazing, the part about him living in his car is that he was still investing while he was doing that. Like no one gave him permission. He wasn't an expert necessarily. He was really interested, but I think that's really good advice for anyone listening because I think that we think that we have to have it all together in order to start our journeys, you know, creating a portfolio and he's a really good example of that you don't need to, you know, have it all together, you just need to start. And I also think that he's a really good proof of how much access matters and that investing really shouldn't be for insiders. And I feel like we're really aligned on that too. But now let's talk about the spices part because I know that if you follow Mrs. Dow Jones, you're probably like holy shit. Haley has this person on the show who's telling us to buy individual stocks. Does that mean that she likes individual stocks now? She always tells us to buy index funds. And I am still pro index fund you guys. I think that stock picking can be amazing if you're someone like Jim who has the time and the skill and the emotional stability to do it. But like, you know, for most of the people that I know in our audience, we are busy. We don't really want to do that. And so index funds make it really easy and keep it really simple to grow wealth in the stock market. And so I think they're a really great place to start. But I do think that like if you are interested in a stock and you do the research and you could afford to lose the money that you're putting in, it can be a great way to learn more about investing taking that risk. So I'm sort of between two, I'm between two firms on my podcast set, but also with that. Thank you so much for listening. If you like this episode, make sure that you rate review and subscribe to the show. It makes such a big difference. We're working so hard to make financial tea great for you. So also email money at Mrs. Dow Jones. If you have any questions about your finances or ideas for the show, we always want to hear from you. And yeah, stay rich.