It's not just retirement that is an important factor for long-term investing. Cramer has read a lot of stories lately that talk about the growing burden of student loan debt for tens of thousands of Americans who owe more than a trillion dollars in debt.
"For any of you who are parents or are thinking about becoming parents, let me just tell you right now that there are very few things you can do for your children that are better than paying for as much of their college education as you can afford," the "Mad Money" host said.
Hands down, the best way to save for college is with a 529 plan. Rules vary by state, but there are certain aspects that are standard across the country.
Due to federal gift tax laws, single investors can only contribute $14,000 a year, or $28,000 if you're married and file taxes jointly. Grandparents can contribute to the plan, as well, and can even start a 529 plan with your child as the beneficiary, though Cramer thinks it is better for a parent to do it.
"The key here, though, is that you want to get that money into your kid's 529 as early as possible. That's because the greatness of these plans is all about the power of compounding."
With all of the different mutual fund and exchange traded fund (ETF) options out there, Cramer's head is spinning. How the heck are investors supposed to know which ones to invest in when there are so many of them?
"The important thing is this: You have all sorts of ETFs and mutual funds out there, and they can all advertise. The companies that run these funds want your money. And of the biggest mistake you can make as an individual investor is to give it to them, with a few significant exceptions," the "Mad Money" host said.
If you are an investor who owns mutual funds, Cramer says you are probably getting hosed. There is just no other nice way to put it.
However, his beef is not with all mutual funds. Specifically, he warned against actively managed mutual funds with people deciding the stocks and securities to buy and sell.
Cramer has an issue with actively managed funds because the managers don't get paid for delivering performance — they collect a fee from investors regardless of the amount of money they make for their client.
The amount of money they make depends on the size of assets that are under management. That means their biggest incentive is not for an investor to do well; it is how much of your money they can bring in.
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