Jim Cramer Says His Father Told Him You're Going To Be 'Broke' And A 'Loser', Says You Can Still Get Rich By Investing In Growth Stocks

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CNBC host Jim Cramer says he always believed he would be wealthier than his parents, even though his father was "convinced" that he would face financial struggles.

“My father always told me I was a loser," Cramer told CNBC Wealth Editor Robert Frank in an interview last month. " He was convinced that if I was a reporter, I was going to be broke. I was living in the back of my car, that was like, wow, a verification of my dad. I would not give it. I would not let him know and I would not give up.”

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‘It Was a Different Time'

Cramer told Frank that he started saving money even if it meant temporarily going without home and auto insurance. He said he achieved success because it was a "different time," but advised young people to stay optimistic about the future.

"I always felt that I would be wealthier than my parents," Cramer said. "That was because it was a different time and I want people to feel, see it’s not a throwback jersey. I think people should feel that that’s the way it’s going to be."

Cramer told CNBC that his kids aren't as "motivated" as he was when he was younger, but they want to achieve success on their own and build their lives independently of him.

“They want to be successful in their own way that makes them happy, and they’re very grateful that I’ve done well enough that they don’t have to be in the scrum at Goldman," he said.

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Cramer said that people can still build wealth by investing in quality growth stocks. He rejected the notion of relying solely on index funds and avoiding individual stocks, noting that Wall Street experts often shy away from stock recommendations because of the risks involved.

"If you recommend an index fund, if it goes down, you say, ‘What can you do? It’s the market,'" he told CNBC. "If it goes up, they’re going to take credit for it anyway. I really reject that."

Cramer said that his "core" audience consists of people who save to invest and are looking for companies like Nvidia Corp. (NASDAQ:NVDA) that can exponentially grow their wealth. However, he warned investors to stay away from "speculative" funds and stocks that he believes are "just created to take your money."

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This article Jim Cramer Says His Father Told Him You're Going To Be 'Broke' And A 'Loser', Says You Can Still Get Rich By Investing In Growth Stocks originally appeared on Benzinga.com

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