Editor's note: The following are questions received from listeners of "RealMoney Radio." To send Cramer a question about topics from his radio show, click here. Listen to Cramer's latest radio show by clicking here. How can a small investor get involved with IPOs? -- Steve from California James J. Cramer: Unfortunately, it can be difficult for small investors to access IPOs, which are usually reserved for wealthy individuals and institutions. Many discount brokers will allow small investors access to certain deals. Then it becomes to some extent a question of which firm you use, since different brokers have different requirements for IPO allocations. Jim, a financial advisor recently told me that I need 30 mutual funds in my 401K to be diversified. Is this true? -- Joan from Maine James J. Cramer: In my opinion, owning 30 mutual funds is going overboard because there will be massive overlap among the funds. In addition, keeping track of all those funds would be awfully time consuming, and all the effort does not give much in the way of additional returns or better diversification. For most investors with a long-term outlook, I believe that about five funds will do the trick. Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.