Jim Cramer of CNBC's 'Mad Money' Used to Live Out of His Car

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jim cramerBy MANDI WOODRUFF

'Rags to riches' tales are a dime a dozen in America, but we were genuinely surprised when Jim Cramer opened up about his brush with homelessness Tuesday.

The former hedge fund manager and controversial CNBC host had just graduated from out of Harvard Law when he hit rock bottom, CNBC's Lee Brodie reports:

"After a thief broke into his modest California apartment and stole absolutely everything, Cramer had nothing left and nowhere to go. Cramer was living out of his car.

'I was living hand to mouth, and people would take me in now and then so I could get a shower, change, get a good night's sleep,' he explained."

It took six months to get back on his feet before he made his way to Goldman Sachs and later founded his own hedge fund, along with MainStreet.com. As a host for CNBC's 'Mad Money,' Cramer's net worth has reached somewhere between $50 million to $100 million.

It's not the first time he's opened up about his past. We found a fascinating 2005 interview from The Harvard Crimson where Cramer spoke about struggling as a journalist in his early days and lamented America's growing intolerance for poverty.

"I'm just ashamed," he said at the time. "I don't want to say I feel guilty about the wealth I have. But I'm ashamed that we've gotten to the point in this country where we believe that being poor is just your own damn fault."

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Hi Peg and Matt

Cramer proves my point: divide all the wealth, evenly, among all of the people and in a short time, those who were rich will be rich again and those who were poor will be poor, again. You cannot legislate common sense.

February 21 2013 at 9:21 PM Report abuse rate up rate down Reply
ewrug

Wow he is truley a honest person, his personality and integrity are genuine, especially as it pertains to his charitable trust. But I have some discourse of the article,I mean how many people you associate with that went to Havard Law. Not sure I am understanding the disconnect from a intellegent person whose ability and passion is so vast but started from a lowly state. Something more hes not letting on about? Oh well not to critcize I never play in Jims courtyard anyway. Thanks Jim of the statement and its true about being poor My own damn fault. Ive been working for years nothing to show, just another pawn of a marketing exceutives business model or states/federal tax Id. Thats what the average American has to look forward too.

February 19 2013 at 7:44 PM Report abuse rate up rate down Reply
jhughes717

I like Cramer now he's a real american...he pulled himself up and never forgot where he came from...

February 19 2013 at 7:07 PM Report abuse rate up rate down Reply
sambokoman

Shouls I put my profits in a mutual fund/

February 15 2013 at 5:35 PM Report abuse rate up rate down Reply
Seth

If you want to see a really good interview of Cramer watch the John Stewart interview I think you will see the real side of Mad money and how disappointing and deceiving Cramer is. Shaking My Head

February 14 2013 at 11:51 PM Report abuse +2 rate up rate down Reply
sgrimes889

The only people who seem to have an intolerance for poverty is the liberals. I don't understand their libeal guilt. Cramer seems guilty because he has 50-100 million, if I worked my butt off and had it I would not feel guilty. They need to stop the guilt by giving away their money. Send me a few million. I will appreciate it and not feel guilty about it. Get over it Cramer.Get real. You earned it, love it.if you do not love it, send it to me,I will and will not feel guilty.

February 14 2013 at 11:08 PM Report abuse rate up rate down Reply
sssprayfoam

I must be really bored to tears to read that

February 14 2013 at 9:44 PM Report abuse +1 rate up rate down Reply
ga7smi

he had the money for Harvard Law School - something is wrong with this picture

February 14 2013 at 9:23 PM Report abuse rate up rate down Reply
romax99

Cramer has never said where he has his personal money invested , only his Chartible Trust.
He is truly from heaven,
He doesn't have to do "Mad Money Show' to teacher the little invester,
I am 86 yrs old and invest in the market everyday and not in my life time have I seen a man who has given back so much to his fellowman.

February 14 2013 at 7:58 PM Report abuse rate up rate down Reply
salva1onegiann

You know that saying - "If,you can't beat them join them"
Well,Jim Cramer got to join them after he got his beating and he knows what it's like to be rich and to be poor like in an old movie musical I once saw where the DEVEL - played by the actor who portrayed the MARTIAN in " MY FAVORITE MARTIAN" WITH BILL BIXBY" in the role of the devel offered a New York Yankee pitcher his help in being the greatest pitcher of all time in return for his soul when he died.MUST BE GETTING PRETTY CROWDED DOWN THERE BY NOW ! With all the stealing - I mean dealing goin on these days.

February 14 2013 at 7:32 PM Report abuse rate up rate down Reply