Cramer told the first cadet that if they don't have the time or inclination to manage their own portfolios, investing in mutual funds is still a great way to invest in one's future.
He hold the second cadet that the biggest mistake young people make is not taking enough risk in their investments. Older investors do the opposite -- they take on too much risk for their age and time horizon.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer reminded viewers that investing is not about being the fastest, it's about being the most thoughtful -- which is why he never recommends trading after-hours when companies first report. You must wait for the conference calls, he said, as Groupon (GRPN) and Priceline (PCLN) both demonstrated.
Shares of Priceline saw almost a 100-point swing from the lows after the company reported to the highs of today's trading. Cramer said that was caused by inexperienced traders who pulled the trigger based on the headlines, rather than waiting for the facts. Groupon as well as Walt Disney (DIS) saw their shares dip on their earnings release but also quickly reversed course as investors realized things were not as bad as everyone believed.To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here. -- Written by Scott Rutt in Washington, D.C. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC