Editor’s Note: The following is part one of a two-part series covering an interview CNBC’s “Mad Money” host Jim Cramer gave The Daily before recording his show Friday at the Donald W. Reynolds Performing Arts Center. Today’s story covers Cramer’s financial advice, while tomorrow’s part two highlights Cramer’s memories of his career.

CNBC’s “Mad Money” host Jim Cramer said Friday students should not be afraid of the economic downturn with regards to their future investments and employment.

Cramer said he graduated under circumstances similar to those students graduating this year and last spring face.

“I graduated from law school in 1984, and the stock market had been bad for years,” Cramer said. “I went around to many investment firms, and they all said, ‘We’re not hiring.’”

He also said the stock market in 1984 was similar to what students face today.

“They all asked me ‘Don’t you realize stocks are done? No one wants stocks anymore,’” Cramer said. “I said, ‘Good. There won’t be any real competition.’ [Goldman Sachs Group] hired two people that year, and I was one of them. Five years later, everyone wants to be in the business. Everyone was too afraid to apply for the job because they were afraid of the fierce competition.”

Cramer said because he had a positive outlook on the financial and job markets at the time and also took a risk, he was able to find a job that he liked and succeed despite the tough job market he faced.

“I knew the job I wanted, and I went after it,” Cramer said. “Everyone else who wanted my job went off to become lawyers and investment bankers, but I was determined [to get the job I wanted].”

Cramer worked as a trader for Goldman Sachs Group, an investment banking and securities firm, after graduating law school, according to his biography on CNBC’s Web site.

Cramer also said students who are graduating should consider buying a house rather then renting an apartment.

“It’s a good time to get a house, if you can afford it,” Cramer said. “You should also look at taking advantage of the tax credits that are available right now for first-time home buyers.”

All students should also look into making a small investment that can grow over time, he said.

“The biggest mistake someone can make with their money right now is not to invest.” Cramer said. “If you have the money, you should look into getting some shares in a company. Whether it’s one share, five shares or 10 shares, if you have the money, do something while many shares in a lot of companies don’t cost a lot.”

Cramer said students should look into Apple as a stable investment that offers long-term growth.

“Even if you buy one share of Apple, you’ll still benefit,” Cramer said. “They are going to continue to grow, especially with the iPhone. Smartphones like the iPhone are where it’s at right now, and I think it is a great stock for students.”

The iPhone went on sale for the first time in China during the interview Friday. Cramer said the new Chinese sales show that Apple is already expanding the smartphone market and making money off its technology.