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What we celebrate in Cramerica is how you as a parent can help your kids learn about money and investing, Jim Cramer told viewers of his special Father's Day "Mad Money" TV show Thursday.

People need to teach their kids the basics, because they're not going to learn them anywhere else, Cramer said to his live studio audience.

"I have my dad, who's here with me today, to thank for being a good investor," Cramer said. "Unlike other dads who told their kids to read the sports pages ... my father knew the Philadelphia sports teams would amount to nothing."

Instead, his father had him read the stock pages and got him "hooked" on the game. "Get your kids started young," he advised, because that ups the odds that they'll be good investors.

"If you're a parent, you owe it to your kids to get them into the stock market," Cramer said, calling it "the winning game."

When a member of his live audience asked if there's ever a point during the day when he relaxes and takes a break from stocks, Cramer said that traditionally he takes a moment to go to ESPN.com to see how bad the Philadelphia Phillies are doing, and he allows himself four hours of sleep at night.

Next, an audience member asked whether it's a viable alternative to buy options of a strong high-priced stock, such as

Google

(GOOG) - Get Report

, rather than shares.

"I want to keep it simple, because my goal is to get as many people involved as possible," Cramer responded. Therefore, he said he would rather stick with buying shares, even if it's just one share.

"My take is just own the common stock -- don't out-think it," he said. If people have enough "sophistication" to go into other investment methods, then feel free. "But buying one share of Google is a great way to get started."

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The Russerts

In his next segment, Cramer sat down with Tim Russert, host of NBC's

Meet the Press

, and his son Luke.

When Luke was 16, Russert promised to give him $21,000 when he turned 21, if he kept out of trouble and remained a good student. In response, Russert told Cramer, Luke suggested investing the $21,000, in companies such as

Nike

(NKE) - Get Report

so it could earn money in the meantime.

By the time Luke was 21, Russert said the $21,000 had turned into $25,000.

"Nike did well for us," the younger Russert said.

An important lesson that Russert learned when he was younger and has in turn tried to instill in his son is that hard work builds character.

Also, Russert said, he's learned that "the most priceless commodity is time." Therefore, people should "use it and invest it wisely," he said, encouraging parents to teach their children that saving starts at a young age.

Family Therapy

In a special "Family Therapy" segment, Cramer, donning his medical white coat, called out his first group of patients -- a mother, father and son -- and asked them what their issue was.

They told Cramer about their inability to agree on whether to invest in

Masco

(MAS) - Get Report

.

Cramer pointed out that although housing is in a slowdown, Masco has been a "tremendous share taker" during downturns. He said he's in Masco for the short and long term.

Next, Dr. Cramer faced a dilemma between a father who favored

Coca-Cola

(KO) - Get Report

and his daughter, who was all for

PepsiCo

(PEP) - Get Report

.

"This is one of the toughest ones I've ever seen," Cramer said.

Coke has a larger international presence but grows slower than Pepsi, he said. Cramer said he believes that right now Coke has the edge but that longer-term, Pepsi is the better bet.

For the rest of the quarter and year, Cramer said he's going with Coke. But for the next five years, he said he's up with Pepsi.

Carl Icahn

Carl Icahn, the chairman of Icahn Associates, joined Cramer on his show and shared with "Mad Money" the most important lesson he learned from his father.

"My father was sort of an intellectual guy," Icahn started off. He wasn't into making money and wanted to be a musician, Icahn said, adding that his father told him that he'd never make money in business.

However, he taught Icahn about "the power of education" -- reading and taking school seriously.

When Cramer asked Icahn if it was better to be lucky or good, Icahn said that "the guy who works the hardest -- he gets the luckiest anyway."

Lightning Round

Cramer was bullish on

Zimmer

(ZMH)

,

MasterCard

(MA) - Get Report

,

Yum! Brands

(YUM) - Get Report

,

Reliance Steel

(RS) - Get Report

,

Weight Watcher's

(WTW) - Get Report

,

Nastech Pharmaceutical

(NSTK)

,

Time Warner

(TWX)

and

Comcast

(CMCSA) - Get Report

.

Cramer was bearish on

Trump Entertainment Resorts

(TRMP)

and

Mediacom Communications

(MCCC)

.

For more of Cramer's insights during the Lightning Round, click here

.

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.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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