gobble, i'm giving you pilgrim's pride to buy. >> oh my godness. >> don't give him any more of the good stuff. after the first wine. don't give them any more of the good stuff. >> happy thanksgiving. mad money starts right now. >> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to mad money. other people want to make friends. i'm just trying to make you a little money. call me at 1-800-743-cnbc. today, i want to talk to you about the big picture. building wealth in general. stocks are just one part,

absolutely the most important one, but still just one part of building real wealth. not just living off your paycheck. there's some people, call them the 1%, if you want, who can make enough from their day-to-day income to become truly rich, but for the vast majority of americans, it's simply not enough to get wrou there. you need to hold medic. if you keep watching, i'm going to tell you how to do just that for the rest of your life. usually, i come out here and tell you what's happening in the market. there are a lolt of other things you have to do if you want to pay off to mean something. tonight's the exception. you may not want to hear this, but it's absolutely fruitless to think you can get rich in stocks if you can't layed down a foundation for building long-term wealth. you can make a fortune in the

market -- at best, you'll stay afloat when if you planned things better, it might have let you become filthy rich. three things you must take care of first. i don't usually address these subjects. sometimes, i feel remiss ta i'm not mentioning them more. we don't teach financial literacy in this country and few colleges will teach you a thing about how to manage your finances, although you might learn a ton about english literature. tht one of the reasons i wrote -- so you can have a personal finance foundation you need to invest in the market. one of the three things you must do before you own a stock, first, this is going to sound boring and it just sucks the life out of everything, but you need to hear it. if you have to, you've got do pay off your credit card debt.

i like to be as entertaining as possible. i still see people who haven't. i'm not one of those who say your credit cards should be cut up or that credit card companies are evil. like a lot of the companies that recommend but the facts are these. if you have credit card debt, you are play iing a high intere rate on that to the credit card company. we're talking rates that might make a loan shark flinch. to be pair to the industry, they're not going to break your kneecaps if you don't pay them back, however, it will finally kneecap you and suck you try the if you let them. it won't matter if you're burdened by credit card debt. you're not going to be able to generate returns. that are consistently high enough to cancel out the damage that you do by keeping that balance on your credit card. if you have good credit, you can still pay around 15% annual

interest. if it's not so hot, maybe 20, 30. if your stock port foal area, 20%, if you've got a big balance, then all of your gains will be sucked down the drain. so this is simply a -- of investing. you've got to invest. it just doesn't matter. you go in with credit card debt and stocks are just going to be a hobby for you and nothing m e more. i know i probably sound like your parents here, there are three things you needed to do. the second is health insurance. you do not invest a penny in the market before you have health insurance. you might think obama care will make this a nonissue. in 2014, you've got to have a choice. either by insurance or pay the

penalty. that's the jest of it. the penalty starts at $95, is% of your annual income, which ever is larger. in 2015, the fee jumps to $325. 2%, which ever is bigger and in 2016, $695. 2.5% of your income. don't be a moron. even if you get to the affordable care act politically, it's idiotic to pay a fine to get nothing rather than pony up and get health insurance. going to be all kinds of things to make the coast more bearable. honestly, you shouldn't need legislation to make you get insurance. medical emergencies are what's causing bankruptcies in this country. under interstate 5 and near santa monica in california, getting treatment when i moved up north on interstate 5 -- also my sister, thank you.

all the capital, just wipe it out. spent years building in this market. sure, you can get coverage if you have preexisting conditions, but it's a lot cheaper to buy insurance before you get sick and you'll need it eventually. before you start investing in stocks, i think you should have disability insurance. you racked nup t up in the stock market. . you have to pay off the credit card debt. get health and disability. you do have no excuse for not getting them if you can't afford to own stocks. these will are more than just items on a personal finance to do list. they're essential elements in your strategy for capital preservation. like capital preservation,

buying stocks, preserving that wealth. all i'm saying there is i can help you buy the right stocks. but we must always acknowledge the capital preservation comes first. because you need to protect your money in the present. talk about moving into kinds of assets as a plan for preservation. here's the bottom line. more important than all that stuff, paying off your credit card debt, getting health and disability insurance. the three most important elements of capital preservation and without them, investing all these great stocks, it just doesn't make sense. how about morgan in california. >> boo-yah. my question is about taxes. i have a regular broker's account, but as we are approaching, will be approaching the end of the year for someone who is just going to be starting

to think about tax, what would be a good place to start? >> i got to tell you, i don't want you to be thinking about taxes. in fact, one of the worst decisions i made was dictated by my broker. please, just think about investments from the point of view of whether or not they're going to go up or not. worry way too much about the tax man and the one time i listened to my adviser, it was a huge mistake. i violated my own mistakes. todd in new york. >> hi, jim. i know you don't like writing covered calls, but riding in the money covered calls. resource came to my attention that lightening covered calls is the same thing as shorting a put. could you please explain the difference? >> one has unlimited downside. a lot of people sell calls.

you have unlimited downside in a big crash. never cut off the ability to limit your downside. the whole industry disagrees with me. but i have been there in market crashes and seen what being short puts will and i have tried to hold hands with people who wanted to commit suicide because they sold calls in situations where there were takeovers. let's go to jerry in texas. >> hi, jim. 403b that's employer matched. i'm 69 years old. i've had this for four years. i have no plans on retiring within the next three to five year, but this only allows money funds and bond funds. i manage this and from all the funds available, choose around ten and don't change them often. right now, the distribution is about one-half money market and the rest is spread across the 500 index.

technology, chemical funds and bond funds. >> i think that's too much money market. i think you've got to maybe take it to 40 and go up 60 on the rest because of that one key point. you're not anywhere near retiring. do not cut off your upside in that fund. talking thabt later in the show. market's up, market's down, but sometimes, you need to take a step back and look at the big picture. preserve it. pay off the credit cards, get some health insurance, disability insurance, some peace of mind. otherwise, doesn't matter what stocks cost. it's the other that's going to wipe you out. we'll be right back. [ imitating engine revving ]

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we're talking about a subject we don't spend enough time on. long-term wealth building. not tomorrow. if you're serious about getting rich and staying that way, then i recommend you must do two things. go to amazon, by the entire jim cramer catalog. right here. gotten that crash, shameless piece of self-promotion out of the way. the second thing is prepare for retirement. even if you're in your early 20s. notice i say save for retirement. i said prepare. stuffing your money in the first national bank of seaweed an ira or 401(k), as great as they may

be, they may not be enough. young people, don't turn off the tv. you've got to do this, too. if there's anyone who can make this sound interesting,s it's going to be me, right? wouldn't you rather learn from a crazy lunatic who throws chairs around, uses sound effects? every time during the commercial, you know what they want to do? i'm not kidding. toipt make you a promise. i promise to give you some useful advice you can't just find on the internet. i think it's not worth calling the stuff advice. should you put money in an individual retirement account? hmm, yes, you should. that's not advice. and people make careers out of saying your ira, tear up those credit cards. e fif anies like pay your bills on time. all the advice america already

knows and yet, people will constantly tell you just that and assume it's enough to help you get ahead. maybe they even charge for it. i say it's not basic financial responsibility. it's jaus jumping off point. i'm the guy who tells you where to go from there because i didn't make a career out of giving people money advice. i used money to make more money. so how should you prepare for retirement? what useful advice beyond just that you should have a 401(k) and your ira because you don't pay taxes on the money you contribute and the gains inside allowing them for years after years of tax free computing. compounding. in other words, all that stuff you know. almost every person on the street knows that. how about some advice on what you should not do with your 401(k). the conventional wisdom says you should put money in it, but then leaves you on your own in the nightmarish process.

what should you not do? don't use your money to buy stock in the company you work for. i'm far from the first person to say this, yet company stock is still the most popular stock out there. more people put their money into the stock of their employer. i cannot stress enough how misguided this is. i tell you if your portfolio is diversified and all fiven banks in separate baskets. as i tell you in the first gospel according to cramer is diversification is the only free lun lunch. regular viewers know if you expose too much, you're running an enormous risk. soured an entire generation, they haven't come back. they have not come back. or for many, that was a long time ago, so how about 2013, your entire portfolio was a high

yielding stock. buy yields were so low which meant investors had no choice but to buy stocks with big dividends. then in spring of 2013, interest rates began to rise. the return you could get increased dramatically and all these high yielding stocks got crushed because they had no interest rate competition from the bond market, so if even one-third was made up in these high yielder, even though the first half of 2013 was fabulous for the market, that's a danger of not being diversified. and that was even worse. now, apply that logic to your 401(k). do you really want to invest into the same company paying your salary? what if you work for kodak for more recent on savings example. you lose your time of savings. wow, that's really bad.

you probably feel like you understand the company you work for. i don't want excuses in you're investing in what you know. that doesn't cut it. diversification comes before everything else when investing. stick with cramer if you want to know more about how to manage your money so you can build lasting wealth for you and your family, especially during in retirement. stay with cramer. [ tires screech ]

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everybody wants to get rich quick except perhaps some hippy types who doesn't believe in currency. anyone who tells you a way to make an obscene amount of money is usually some kind of scam or something very illegal. meth operation in breaking bad. the most reliable way get rich is to do it slowly and carefully. which is why tonight, we're talking about long-term waelt building. i told you about what you needed to do before. going through what not to do when investing for retirement. now i've got some advice. real advice. which is the first places you want to invest for retirement because of their tax deferred or as i like to say, tax blessed status. and because in case your 401(k), many employers will match a portion, give you some free money. here's a very important rule. it's especially critical when investing for retirement. it is possible to be too

caution. it's possible to be too pru dent. there's a point where it becomes wreckless, it switches. this is something you particularly see with people who want to save for retirement because they're scared. i like to say you invest for retirement, you invest because saving makes it sound like you just have to sock some money away. maybe a money market, a stable value fund. something no one would invest in if they understood anything about the name. no, that's not how it works. and that is unfornt because you've got to do some real unbrainwashing here. most people when they're putting money away feel like they shouldn't take on too much risk, right? that's the music you're hearing, right? that the retirement savings are too important to jeopardize by investing them in stocks. if you believe there's less

chance for downside, after inflation, pretty irresponsible. okay? i call it wreck reklessness pru dense. investing in stocks is far more less going to jeopardize than investing any stocks would be. you need to generate enough money to support yourself for the rest of your life by the time you retire. if you are too risk aversed, if you load up on bonds in your 20s, 30s and 40s, you will never generate enough to retire comfortably. the money you have will be safe, but that's all it will be. with that low rate, you barely can outpace inflation. capital preservation is not a financial suicide pact, please.

also the need for capital appreciation. by the way, let's not forget bonds aren't always the e p pit my of safety. there are moments when bond funds can be risky. faster rates rise, the harder those bonds and those bond funds will fall. so giving your money in bonds means you likely won't generate enough to retire when you want to and there are prices when bond prices have genuine downside risks. they won't go to zero or close, get your money back, they can drop in a few rates, two or three years worth of coupon payments. we shaw rates skyrocket in 2013 in second quarter. what else falls under the category of recklessness? how about those popular investments out there, stable value fund. i know that name sounds very reassuring, but the truth is, this is just a type of fund that

gives you a slightly better return than a money market and worse than a high quality bond fund. than the slower term. the definition of trying to be so pru dent you become i irresponsible. the goal is to help you make more money. when you put thipgs in things like stable value funds, you're taking that money off the table. this money, i'm not going use it to generate more wealth. either you cling to safety and when it's time to retire, you don't have any cash or you take some risks that will allow you to retire wealthier and happier. while money can't necessarily buy happiness, being broke is a pretty sure ticket to being

miserable. i'm not saying there's no place for bonds in retirement, there is. you should have some of your cash cordened offing something in a risk free zone. 401(k)s often have prelimited zones. equities is a index fund. kind of stocks that have been proven to the best in a 20-year period. as you get older, you can and shauld should take some of that stock money off the table. you should do some shuffling and put it into high quality bond funds for safe, but only some money. that's my ticket. you should keep 10 to 20 in your% when you're in your 30s. no reason to own bonds in your 30s. 40% and from 860 until you retire, stick to 40%. that may sound extremely aggressive, but it's the only way to retire the way you want

to and still have some safety and once you retire, you should still own stocks. i think e they should be about a third of that point. this is very much countered to the -- but it was coined when people had much shorter life spans. we're living longer and if you want to provide for yourself, you need the extra upside from stocks because eventually, that safe money in bonds will run out. do you really want to make that bet? here's the bottom line. now you have your first principles of retirement investing. stick with cramer and i'll give yo more tips to make more money. bart in north carolina. >> jim, i sold the income stocks in my retirement again when interest rates started to rise. i want to income, but not at the expense of losing principle and these have dropped after a sold them. when is it safe to buy them back

in a rising interest rate environment? >> we've got to go back to levels where i think you can get a cushion even if rates go to outside places and i think that for little growth stocks, that's going to be 5 to 5.5. and not before that. because you're going to be in a world where there's a lot of people that are going to be selling those until they get to 5.5. maybe even 6 for the lower quality ones. wally in florida. >> yes, professor cramer. >> hi. >> i want to thank you for making me all this money so i can retire. >> you're very kind. >> since i've been retired for 20 years, since you've started your program, i've tripled by e retirement money. >> wow. oh, thank you. thank you, i hope the people at jim cramer on twitter heard that. you get a lot of positives, go ahead. >> and i have enough money to retire forever.

so, what i need to do now is where, what sector do i put my money in for the rest of my life? >> where you are, sir, is in that very, very admiral position where you only need to get rich once. and you're rich. now, you really are in municipal bondville. i don't want any principle, bonds to go down. but you wait. you can be patient. you've earned it. don't give it back. don in california. >> thanks for taking my call. i often hear reference made to monetary policy and fiscal policy. what is the difference between the two? and how do they affect the equities market? >> look, if you get congress to spend a lot of money, you might get inflation? i have to tell you. i don't really care which we have. when you're in a decline, you

need congress to print money and in the fed has to print money and right now, we only have the fed printing money which is why we're not doing that well. we need monetary policy and fiscal policy to be loose to start hiring people, which i think is a very admirable goal. best way to get rich quick? slowly and carefully. when investing for your retirement, you're in race against time. now, you have the rules. do it right. hi honey, did you get the toaster cozy?

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if you're looking to build long-term pr long-term prosperity, the most important step to set yourself up for retirement. that's what you've got to do first. that's why we're focusing on how to use tax investment vehicles like 401(k) plans or iras. right n right, i want to share with you my favorite advice about 401(k) investments. a tip on how i match my own 401(k). most people who take advantage of the 401(k) plans contribute

on a monthly basis and usually, that's awesome. every month. taken out of your paycheck. so maybe 112 total, contribution. that's all i ever hear people do. they're on autopilot. there are people who will tell you to just leave this alone. just passively invest it like that over time. i am not like that. why? because there will be times the market takes a hit and you want to capitalize that. you want to be able to profit from it. why would you contribute the same amount every month when prices can differ every month? would you want to invest the same about when the market is nearing the top than the bottom? so, you're saying you can take advantage of a big decloin in the market when you have a long time horizon, buy not reasons to weep and tear out your hair. when you get a correction, double down. that month, you put in twice

your normal contributions. one sixth over the course of the year. inste that would make a lot of difference in the long run, but it does. if you embrace the 112 solution, doubling down when the market -- from the peak as i have done twice in the last five years, you'll make more money than you would if you just passively contribute every month. and just to make sure we're clear, i'm talking about investing this in a low cost s&p 500 index fund. i'm not being fancy. or one that operates like a fund with a brain. a manager that has a long record. you probably can't find a fund like that, so it's usually just best. that's what's your doubling down on your contribution.

just because you took the time to observe what was happening in the market and adjust accordingly rather than autopilot. pay attention in the market so when you get a 10%, you can double down and invest twice as much taking advantage of the cheap merchandise. when you have a 30 to 40 year time horizon, you can think of a stock as a local sail. that's the right way to manage your retirement portfolio. stick with cramer. i love having a free checked bag with my united mileageplus explorer card. i've saved $75 in checked bag fees. [ delavane ] priority boarding is really important to us. you can just get on the plane and relax. [ julian ] having a card that doesn't charge you foreign transaction fees saves me a ton of money.

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while we're on the subject of long-term wealth building, your 401(k) plan. i've given you the 401(k) dos and don'ts. i'm the first person to admit it can be a vital part of your retirement, but i'm not part of the crowd that says you should max out every year. that would mean putting in 70,000. no, it's important, but plenty. you hear people say high management fees, administrative costs, a problem and they are and they eat waway your capital -- the worst thing about most 401(k) plans is the lack of control. lack of control of your own money that you earned and the lack of choice over what you can

invest in it. i believe the best way to invest is to buy diversed portfolio on individual stocks. so you know when it's time to buy and sell. get to choose between no more than a couple of dozen different funds. even though you can lobby your company's human resources department for different fund, most isn't good. for me, too, i know it. i guess it's okay. it's why we have the ira. it doesn't have the high management fees on the 401(k) plan. it lets you invest the way you want. same great tax deferred status as 401(k). with many 401(k) plans, your employer will match at least

some percentage and people love that. it's free money and you'd be a fool not to take it. but there's usually a cap. my rule of them is for retirement investing, contribute as much you need and then stop right there. at that point, don't put another penny in your 401(k). after you get the full match to your 401(k), you want to put the rest you're saving into an individual retirement account. if you want to know about wl to use a regular, roth, just pick up a copy of stay mad for life. for now, we're just talking about a regular ira. one where your contributions are tax deductible. year after year, tax free, until you start withdrawing in retirement. at which point, you withdraw off your taxes. it's a pretty sweet deal, guys. if you don't have it, do it tomorrow. now, you can only pour 5,000 a year into your ira unless like

me, you're over 50. in this case you could put in 6500. i'd say max this out. if you do that, you should be able to fund a terrific retirement f. you need more, you can go back and put in your 401(k) if you promise me you'll max out on your ira. you should only contribute as much in your 401(k) as it take to get the full match from your employer, and after that, all your savings should go into an individual retirement account. i love them. if you're 401(k) is no employer match, just contribute to your ira and max it out, 5500 a year or 6500 if you're over 50. let's talk to allison in ohio. >> thank you for taking my call. my question has to do with index funds. first, it is my understanding that it is very rare for a money manager to consistently out perform the market. they may have a couple of years where they outperform, but this is not typical over time.

and second -- depending upon the index, you get instant divers y diversificati diversification. money managers typically underperform the market, expense rh owes are low and you get the diversification. >> some managers have beat the market. after my fees i compounded a 24%. that was three times better than the s&p, so i don't agree with the characterization. that was after all fees, so what managers do and choose them, i think that's the best. otherwise, i like the ira where we can pick individual stocks. but i'm not against index funds. if you don't have time, they are the right way to do. dave in north carolina.

>> boo-yah, jim. i just wanted to say you're awesome, man. your staff's awesome and i can see all the hard work and dedication you put into your job to keep us intrigued on learning about investment and i just want to say i appreciate it. >> thank you. we are survey roupded on this staff. this is the best staff of any show and i have worked on a will the of shows. >> i wanted to know when you watch the stock market and they talk about you know, the ten 30-year bonds, how does that correlate with the stocks other than you hear them as the money goes into the bonds and then it comes back? >> what happens is people look at the tlt and people see that's going down and they say, wait a second, i can get a better return in bonds, so i sell my stocks. if we think bonds are going down, interest rates going up, then the machines and al gor

rims how close that should be, but i have to tell you, it's plenty right now. to your 401(k) up until the amount that the company will match. that's it. then it's all ira because it's a much better system. it's cheaper, better. stick with cramer.

here we go. our first tweet comes from john -- is your opinion that i should eliminate penny stocks altogether? absolutely. there is no reason to own penny stocks. they're there because they're worth about what a penny's worth. this one is from ed cochran 18. got a bumpbl of those, but a quarterly's fine. then we take this tweet is

from -- i'm sorry that i mispronounce these sometimes. who writes thank your parents who gave us you a great person giving free financial markets advice you won't get in business schools it's mad money on cnbc. thank you, thank my dad all the time. my parents were terrific to me and inspired me. my mom wanted me to be a writer and that's what we need every day here. my next tweet, can you explain how etfs work on the show sometimes. you don't have to worry about that. all you have to worry about is the -- i don't like the double and triple. they don't do what you think they can do. here's one from wayne marcus 67. he writes any chance you will write a book about your real experiences?

i would love to read and learn -- no, you wouldn't because they are so insane, they're so crazy that i have to tell you, there are so many people who would be taken down in that book that i would have to hire a private investigator, detectives and bodyguard, so no. a lot of them are in strange places and let's just say i wish a lot of them i hadn't done. now to -- what's the best way to diversify stocks, what percentage in gold, silver. this is really easy. you go into the riskiest stuff because you've got your whole life left. you should be in the googles, cell gene. another tweet, your suggestions on following foreign kournsy trading. go read that and then tell me if

you ever want to trade currency gep and the answer is you won't. our next tweet comes from -- how do you always have so much energy. what's your secret? i think some is genetics and some is because i love what i do. now, a tweet from -- how does one find out the upgrade and downgrade -- finance, the street.com. make sure that all those were in same game. still there. why not another tweet? it says what book would you suggest for newbies to make the right choices on wall street. no longer, he's retired, who's just made me a fortune in my ira and that is still the best

investment book ever written. take a break. thrusters at 30%! i can't get her to warp.

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i trade like me. i'm with scottrade. (announcer) ranked highest in investor satisfaction with self-directed services by j.d. power and associates. remember everything i've said about building a foundation for long-term riches. number one, you can't start investing unless you have health insurance and you pay off all credit card debt. once you're there, you need to think about retirement. that means finding your individual retirement account, ira. you should own a lot of stocks in these retirement accounts. the mistakes you make, being so afraid of risks.

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