The reason a stock expert has 100 million USD but never orders alcohol when going to a restaurant
Jim Cramer is an investment expert, fund manager, and host of CNBC’s “Mad Money.” Besides, he is also the author and contributor to dozens of books on investment and finance. He became a millionaire at the age of 28 and currently owns a fortune of more than 100 million USD.
Despite his wealth, the 67-year-old expert said he still lives very frugally and refuses to spend money on things that are not important or meaningful to him. Here are five of them:
Nice seats at sporting events
“If it’s a hockey or baseball game, I don’t care if I get a good seat. I just buy tickets and watch them. Even if I invite people to watch, I don’t buy tickets for the sake of honor. of the best places. It’s fun to be able to enjoy the game without spending a lot of money,” Cramer shared with CNBC.
Illustration: Internet.
Even so, he still made an exception. It’s football. “I love to watch the matches in the plush seats, I’m a big fan of the Eagles,” the millionaire said.
Alcoholic drinks at the restaurant
Usually, alcohol at restaurants costs 20% to 30% more. Therefore, Cramer avoids ordering this drink when eating out. “At restaurants, I don’t spend money on alcohol,” he said. order the next cup.
The saving habit has followed me into adulthood. I feel like it’s a waste of money to spend $500 on a bottle of wine. With that money, you can buy a shirt or something that will last longer.”
Tobacco stocks
As an investment expert, Cramer once advised people to invest in the tobacco industry. However, he later changed and no longer advised so.
“Tobacco has taken the lives of many people around the world, including my father-in-law. It’s sad. I don’t want more people to die from it,” Cramer confided.
As for investment strategy, many people will be surprised to know that Cramer does not invest in single stocks and keeps 50% of his portfolio in cash. Specifically, his portfolio consists of 50% cash, 40% investment in US index funds, 5% in international index funds and 5% in gold and cryptocurrencies.
Expensive hotel rooms
Illustration: Internet.
For Cramer, it is a waste to spend a lot of money on hotels for short trips, whether for business or pleasure. Once while visiting Costa Rica, he and his wife stayed at the expensive and luxurious Four Seasons hotel. However, during the trip, they rarely stayed in the room and went sightseeing around.
Since that time, Cramer has decided not to spend money on expensive hotels for short trips. “The next time, we rented a room at an eco-hotel that was only one-tenth the price of Four Seasons. We only went back there before bed, so we didn’t stay much,” he said.
Brand stuff
Cramer only buys affordable products from supermarkets like Costco, Walgreens or Kroger. Basically, they are no different from the products of other retail brands except they are cheaper.
“You can save a lot of money buying this product. I never thought about buying expensive brands just to let people know that I am rich,” Cramer shared.
Source: CNBC
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