The United States is currently dealing with inflation, and CNBC’s Jim Cramer is offering some financial advice to Gen Z Millenials as young adults face economic challenges while living paycheck to paycheck.
Cramer believes those between 18 and 24 are paying too much on discretionary things and not putting aside enough for investments.
“They seem like they have a lot of money, even when they don’t have a lot of money,” Cramer said. The CNBC analyst added that youngsters who often go to the restaurant he owns in New York City usually order $14 margaritas “as if [money] grew on a tree.”
“On the one hand, 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’. I think that’s counterintuitive. They have to change their thinking.”
Cramer used his humble beginnings as an example for Gen Z Millenials who are experiencing financial hardship. He said that when he lived out of his car, he persisted in putting $100 into a stock index account each month.
“I know you might say, ‘Oh, Cramer’s rich; I don’t want to hear his lecture.’ But did you live in your car on the side of Interstate 5?” Cramer stated. “I put that money away, and it made me a millionaire.”
“I’m not calling for something draconian. I’m not saying don’t go out. What I am saying is: Don’t spend money each week that you shouldn’t have.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
