Jim Cramer, the CNBC host who\u2019s 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\u2019re all for giving millionaire baby boomers like Cramer less money, it\u2019s important to remember Cramer\u2019s track record for advice\u2014like the time he told everyone to buy ethereum right before it tanked.<\/p>\n\n\n\n
\u201cOne of the problems I see about Gen Zers\u2014they\u2019re not frugal enough,\u201d Cramer said in a CNBC video<\/a> posted Wednesday.<\/p>\n\n\n\n \u201cThey almost seem like that they\u2019ll always have a lot of money even when they don\u2019t have a lot of money. They have to change their thinking,\u201d Cramer continued.<\/p>\n\n\n\n Cramer then went on to hedge his criticism and say he wasn\u2019t calling for everyone to eat instant ramen all the time. The TV host just thinks he\u2019s giving practical advice and doesn\u2019t believe young people when they complain about the high costs of college.<\/p>\n\n\n\n \u201cI saw money spent as if it grew on a tree. I saw five $14 margaritas [consumed by] one person,\u201d Cramer said. \u201cI saw multiple beers to the point where it was 40 bucks.\u201d<\/p>\n\n\n\n \u201cDon\u2019t have that second margie, the third margie. When you confront them they say, \u2018well, but student loans,\u2019\u201d Cramer said about young people he\u2019s supposedly, allegedly, maybe spoken with.<\/p>\n\n\n\n \u201cOn the one hand you\u2019re saying you\u2019re allowed to have all the margaritas you want, but on the other hand you say, \u2018I can\u2019t invest, I have student loans,\u2019\u201d Cramer said.<\/p>\n\n\n\n Where does Cramer want these young people to invest their money? He doesn\u2019t say precisely in the new video, but he\u2019s on TV just about every day, which means people hear a lot of investment advice from him. Take the cryptocurrency ethereum, for example, as just one investment opportunity Cramer was recently promoting.<\/p>\n\n\n\n On April 28, when ether was trading at $2,900, Cramer\u00a0said<\/a>, \u201cI think ethereum is terrific. I\u2019m a believer. And I think you could easily get 35-40 percent.\u201d<\/p>\n\n\n\n How has ether been doing since Cramer gave out this advice? In reality, ether has crashed and currently trades 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\u2019d spent that $100 on margaritas for you and all your friends you\u2019d have had a great fucking time\u2014provided you didn\u2019t go to Cramer\u2019s bar.<\/p>\n\n\n\n What other excellent advice has Cramer doled out recently? The Mad Money host said everyone should\u00a0buy stock in Netflix<\/a>\u00a0on January 3 of this year. Netflix\u2019s stock price was $597 on January 3, down about $100 from its all-time high of $700 just a couple of months earlier.<\/p>\n\n\n\n How\u2019s Netflix\u2019s stock price doing these days? It\u2019s currently trading at about $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.<\/p>\n\n\n\n Or take the theater chain AMC, which Cramer told people to buy the stock on\u00a0September 9, 2021<\/a>. The stock was priced at $35.54 at the time and is currently trading at $12.60.<\/p>\n\n\n\n The list goes on and on when it comes to bad bets Cramer has peddled over the years. In fact, some people have floated a trading strategy called the \u201cinverse Cramer<\/a>\u201d since he\u2019s had so many bad predictions. And don\u2019t even get us started on the fact that the average student loan debt in the U.S. is around $39,000. That\u2019s over 2,786 margaritas at Cramer\u2019s New York bar.<\/p>\n\n\n\n We\u2019re not saying it\u2019s bad to be frugal. Live your life and spend your money however you want. But every time wealthy baby boomers point to relatively inconsequential expenses\u2014whether it\u2019s avocado toast or margartias\u2014and say that\u2019s why young people have money problems, they\u2019re either lying or they\u2019re dumb. <\/p>\n\n\n\n