RealMoney Radio Recap: Question Time

Another area to work is in mergers and acquisitions. These people are slaves to their work, Cramer said.

"When everybody else is having a great family life, you are working," he said. "You're sitting in that linoleum cafeteria and trying to drink a little scotch in between making deals on the weekends."

But at the same time, you make $10 million if you're bad, and $20 million if you're good at your job, he said.

In the end, all jobs have upsides and downsides, he said. Now that you have the menu, maybe you'll decide to stay away from all these jobs, or maybe you'll make a move to Wall Street, where there is big money. Either way, Cramer said, he couldn't blame you.

CEO Size-Up

Another question Cramer gets asked a lot is what CEOs are like, and what makes them good.

"A CEO is like a politician," he said. "He has to be able to talk the talk and make you believe in the company."

A CEO is 50% operator and 50% promoter, because if they can't sell the company, what good are they? he asked. At the same time, they need to act as an operator, too, and know what's going on in the company -- otherwise it "might mess up."

An example of a bad operator is 3M (MMM Quote) CEO George Buckley, he said, adding that James McNerney, the company's former CEO and current CEO of Boeing(BA Quote), is an example of a good operator.

CEOs should be gregarious and tireless, and give up their personal life while they hold the position. While some people might call this heartless, it's just business, Cramer said.

"In business there's no touchy-feely," he said. "If you're not going to put in the time and make the company great, then give it to someone else."

In response to another frequently asked question, "Can the market ever crash like it did in 1929?" Cramer said that while it is unfortunate, it could happen. We could also have a multiday decline.

It crashed in 1987. However, it is unlikely, he said.

The characteristic of a bad stock is when it gets good news it barely goes up, and when it gets bad news it gets hammered, Cramer said. A bad stock is one that goes nowhere when everything in the market is going up, and when everything is going down, it plummets. A bad stock has no buyback in place, so when everyone comes to sell it, it gets annihilated, he said.

In this case, you must sell a little, Cramer advised.

In response to another question, Cramer said the most he has made in one day is $18 million.

He said it hurt his family life, because the day it happened he was supposed to go on vacation with his family to Mexico, but then he decided at the last minute not to go.

It was in April 2000, when the market had declined for two straight weeks. In terms of life, it was a mistake, but in terms of business, Cramer said he ended up making a lot of money.

"I missed the vacation, but I do know that sometimes you have to be there and get it right, and that time I nailed it," he said.