Stock prices fell sharply on Thursday after President Donald Trump the day before announced sweeping tariffs of 10% on all U.S. trading partners and higher levies on countries with which the U.S. has a trade deficit.

With Thursday’s decline, the S&P 500 — a proxy for the broad U.S. stock market — has now slid more than 11% from its record high in February, putting the index in correction territory, defined as a drop of 10% or more from recent highs.

Investors and economists alike fear that Trump’s tariff policies could ignite a trade war with the nation’s trading partners and push inflation higher, two factors that could push the U.S. toward an economic slowdown. Should a recession become imminent, markets could sell off — and quickly.

Over the years, Berkshire Hathaway chairman and investing legend Warren Buffett has recommended staying calm in times of volatility.

In his 2017 letter to shareholders, Buffett wrote: “There is simply no telling how far stocks can fall in a short period.” But should a major decline occur, he continued, “heed these lines” from Rudyard Kipling’s classic poem “If,” circa 1895.

“If you can keep your head when all about you are losing theirs … If you can wait and not be tired by waiting … If you can think — and not make thoughts your aim … If you can trust yourself when all men doubt you … Yours is the Earth and everything that’s in it.”

It’s worth noting that Buffett was writing about major declines in the stock market, such as periods like the 2007 to 2009 bear market during which the S&P 500 lost more than 50% of its value.

Those are quite a bit rarer than what’s happening now. In fact, corrections in the stock market are pretty standard fare. There have been 21 declines of 10% or more in the S&P 500 since 1980, with an average intra-year drawdown of 14%, according to Baird Private Wealth Management.

Of course, investors often don’t know if things are going to go from bad to worse until they do.

“No one can tell you when these will happen,” Buffett wrote in 2017. “The light can at any time go from green to red without pausing at yellow.”

But whether a decline is modest and short-lived or seemingly long and painful, the message to individual investors is the same: Stick to your long-term plans and continue investing.

Buffett writes that he views downturns as “extraordinary opportunities.” Why? Because, historically, it’s never been all that long before the market resumes its upward trajectory.

Since 1928, the average bear market — defined by a decline of 20% or more from recent highs — has lasted less than 10 months, according to data from Hartford Funds. In the scope of the several decades you likely plan on investing, that’s practically no time at all.

And even if living through it can be scary, keep your eyes on the prize: your long-term goals. By continuing to consistently invest as the market declines, you effectively buy stocks when they’re selling at a discount. As long as you take a well-diversified approach to investing, you’ll get a better and better deal the further stock prices fall.

As Kipling says, keep your head, ignore breathless headlines and keep doing your thing. Will the Earth and everything in it be yours? Maybe not — but you’ll likely do a good job of boosting your long-term wealth.

The whole attitude recalls another quote of Buffett’s, about taking advantage of bargain-priced investments, this time from his 2009 shareholder letter: “Big opportunities come infrequently. When it’s raining gold, reach for a bucket, not a thimble.”

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President Donald Trump on Wednesday announced a slew of tariffs on countries around the world, instituting a minimum 10% levy on goods imported into the U.S.

The stock market tumbled on Thursday, with the S&P 500 dropping 3% — on track for its worst day since September 2022, CNBC reports. Economists and business leaders alike are sounding alarm bells for what the tariffs could mean for American consumers. 

Other than seeing declines in your portfolio, you may not feel the impact of tariffs right away. While it’s expected that prices consumers pay for imported goods, and potentially those made in the U.S. using foreign parts, could increase, it won’t happen overnight. 

You may be tempted to stock up on certain goods before prices begin to rise. Some prominent people are even recommending it.

“It’s not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now,” billionaire Mark Cuban said in a post on Bluesky on Wednesday. “From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory.” (Cuban did not immediately respond to CNBC Make It’s request for comment.)

Stocking up on essentials may give you some peace of mind if you have financial means and storage space. But experts generally warn against panic shopping right now, especially if you’re already strapped for cash.

“At the end of the day, [consumers] will be able to get the goods they need or want, but [may] need to pay more for them at a later date if the tariffs are implemented,” Lawrence Sprung, a certified financial planner based in Long Island, New York, said ahead of Trump’s announcement.

Tariffs, like those imposed on Canadian lumber, may affect prices for items like toilet paper, Bloomberg reported in March. Additionally, volatility in the stock market ahead of and in response to the tariff announcement has renewed fears of a coming recession.

However, even if a recession is coming, you shouldn’t “let headlines drive your decisions,” Jason Gilbert, founder and managing partner of RGA Investment Advisors, said ahead of Wednesday’s announcement.

Focus on what you can control, such as bolstering your emergency fund and reviewing your budget, experts say.

“It is really important to try to pick things that you can control and that you can make an impact and difference on at the moment,” Catherine Irby Arnold, senior vice president and Washington market leader for U.S. Bank, said ahead of the tariff announcement.

You can’t control prices, for example, but you can control what you’re spending your money on, Irby Arnold says. It may be a good time to take stock of your spending and see if there are any areas where you can make cuts, such as on impulse buys or unnecessary subscriptions.

When it comes to larger purchases like cars or home appliances, if you don’t need a replacement immediately, it may be wise to wait and see what price swings actually look like, Sprung said. 

“Prioritize those needed purchases and … do your homework on what to expect the impact of the tariffs to be on the goods,” Sprung said on Thursday. “Stay informed and educated.”

In addition to reading up on expected impacts, Sprung suggests shopping around and “looking at manufacturers that produce the goods you need in lower-tariff areas or domestically here in the United States to avoid the tariff altogether.”

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In 2014, I was an equities trader on Wall Street. Drained by the long hours, it eventually became clear that the job and the lifestyle just wasn’t for me.

Prior to finance, I worked as a tutor and a teaching assistant. Looking back, I realized that when I was supporting my students, I had a true sense of purpose. So I decided to pursue my passion for education.

For the last decade, I’ve been working as a private tutor, helping both students and young professionals achieve their academic and career aspirations. I charge up to $1,000 per hour and work from home, about 20 to 25 hours per week. 

My students often ask me about how to start a side hustle or business of their own. Here’s what I tell them:

Network with people in your chosen field to get a clear sense of what their day-to-day is like. Ask them what lights them up about their work, and what kind of challenges they encounter.

Once you have that information, speak with people who know your strengths to get a better sense of whether this move would be a good fit for you.

DON’T MISS: How to change careers and be happier at work

When I first started as a tutor, I shopped my resume around a lot as an independent contractor, and thankfully got more yeses than noes. But if I could go back and do things differently, I would have connected with other tutors to learn their best practices and get more involved in their networks, too. 

As you are having these fact-finding conversations, it’s a good time to develop your plan to make your first dollar.

When you figure out what the least and most you can make is, you can set your pricing accordingly to grow along with your reputation and client base. Don’t be afraid to think expansively. 

I partnered with several agencies in New York City and joined online tutoring platforms like Wyzant. I started at $50 to $100 an hour, then prioritized the channels that would allow me to increase my rates over time. 

I love working in education. But that doesn’t mean I’d be as fulfilled as I am now if I were a professor.

A professor is often spending just as much time on administrative work like grants and paperwork as they are on actually teaching. As a tutor, I have plenty of work to do outside sessions to run my business, but the bulk of the day to day work is directly engaging with students. 

That’s the same reason I have remained independent rather than scale up and open an agency of my own. I got into this to connect with and help people achieve their goals, not to spend my days doing admin work.

There have been times when I had to pivot and compromise, but it has been on my terms. As I became more of a specialist and partnered with Forum, an agency full of tutors and subject matter experts, I ended up doing less work in some of the areas I love, like math and philosophy, because of my expertise in finance, economics and business. 

I had to make a radical commitment to being open to exploring different paths — without being overly concerned about other people’s perceptions of me.

For example, I had to let go of thinking: I’m a finance guy, so I should get another finance job. If I don’t, what will my family, friends and former colleagues think of me?

It takes courage to start from scratch. In addition to creating something entirely new for yourself, you have to reconsider what you thought your future life would look like. But to be able to pursue work that really fulfills you, I find that it’s all worth it.

Steven Menking is the Founder and CEO of Menking Tutoring. He is represented by New York-based tutoring agency Forum Education. In addition to providing personalized support to students, Steven creates standardized test preparation courses, trains investment banking analysts and associates as an instructor for Wall Street Oasis, and delivers financial consulting services to businesses via R Sigma.

Do you want a new career that’s higher-paying, more flexible or fulfilling? Take CNBC’s new online course How to Change Careers and Be Happier at Work. Expert instructors will teach you strategies to network successfully, revamp your resume and confidently transition into your dream career. Pre-register today and use coupon code EARLYBIRD for an introductory discount of 30% off $67 (+taxes and fees) through May 13, 2025.

Alex Saint was just a few days shy of her four-year anniversary as a health communications specialist with the Food and Drug Administration.

On Tuesday, she says she woke up to urgent texts, phone calls and an email sent at 5:14 a.m. informing her she was among the roughly 10,000 federal workers let go from the Department of Health and Human Services.

Saint, 36, knew layoffs were coming. That didn’t make the experience any less frustrating, she says.

“I’m mad for the general public,” Saint tells CNBC Make It. “My position personally was not paid for by tax dollars. Nobody saved any money by me being let go, but I’m not able to get out the things that people need to know about their medication so they can keep themselves safe. And neither can any of my coworkers.”

“America’s losing out on all of that because of this action,” she says.

Saint’s salary was paid by user fees, or costs the FDA charges to pharmaceutical companies with high profits, she says, so “I don’t see how this benefits Americans at all.”

Saint knew her job was on the line Thursday when news broke March 27 that Health Secretary Robert F. Kennedy Jr. planned to cut a quarter of staffers from the agency — including 10,000 via layoffs and 10,000 via voluntary separation offers. The aim is to shrink the workforce to 62,000, according to HHS.

Kennedy was critical of the size of the department in a March 27 statement announcing the restructure.

“Over time, bureaucracies like HHS become wasteful and inefficient even when most of their staff are dedicated and competent civil servants,” Kennedy said in the statement. “This overhaul will be a win-win for taxpayers and for those that HHS serves.”

HHS will consolidate from 28 to 15 divisions, including a new Administration for a Healthy America, and will reduce regional offices from 10 to five, according to the statement.

According to a breakdown from HHS and reported by the Associated Press, the cuts include:

• 3,500 jobs at the FDA, which inspects and sets safety standards for medications, medical devices and foods
• 2,400 jobs at the Centers for Disease Control and Prevention, which monitors for infectious disease outbreaks and works with public health agencies nationwide
• 1,200 jobs at the National Institutes of Health, the world’s leading health and medical research institution
• 300 jobs at the Centers for Medicare and Medicaid Services, which oversees the Affordable Care Act marketplace, Medicare and Medicaid

Saint and her husband, a veteran who works in the private sector, have been preparing for the layoff for weeks. She was concerned about how her job might change under a new health secretary and amid the Trump administration’s efforts to drastically reduce the size of the federal workforce, she says.

The couple has two young children, ages 4 and 1, in day care, and has been working to cut costs in their household budget.

Saint drafted a LinkedIn post Sunday detailing her impending layoff and published it Tuesday.

While Saint received her “reduction in force” notice via email, other employees recounted to Federal News Network, a news site for federal employees, the “humiliating and degrading” experience of learning of their layoff by trying unsuccessfully to badge into work Tuesday morning.

Beyond federal health agencies, experts say more layoffs are expected at state and local health departments that rely on federal funding.

Saint started her career working in public safety communications for the County of San Diego. She is “really passionate about helping people understand things they need to know to protect themselves and their families to stay safe, and making sure there’s a line of transparency between what the government is doing and the services they provide and the taxpayers who fund everything that we do,” she says.

At the federal government, she worked on responses to emerging health incidents and potential threats, from the Covid-19 pandemic to drug shortages, she says. She also was responsible for helping to get information to people during times of emergencies.

She now worries about what cuts to the Health Department mean for the American public dealing with growing measles and bird flu outbreaks.

Saint says she will appeal her case to the Merit Systems Protection Board, an independent, quasi-judicial agency that hears appeals from federal workers regarding personnel actions including removals, suspensions, pay cuts and furloughs. She is part of the National Treasury Employees Union, which is working to challenge the mass layoffs.

“It’s frustrating for my coworkers who are real people and have been stressed out about this for days,” Saint says. Among her colleagues are single parents, veterans and military spouses, she says: “Every single person — we’re not a line item. We’re real people.”

Do you want a new career that’s higher-paying, more flexible or fulfilling? Take CNBC’s new online course How to Change Careers and Be Happier at Work. Expert instructors will teach you strategies to network successfully, revamp your resume and confidently transition into your dream career. Pre-register today and use coupon code EARLYBIRD for an introductory discount of 30% off $67 (+taxes and fees) through May 13, 2025.

Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.

This story is part of CNBC Make It’s Six-Figure Side Hustle series, where people with lucrative side hustles break down the routines and habits they’ve used to make money on top of their full-time jobs. Got a story to tell? Let us know! Email us at AskMakeIt@cnbc.com.

One of the first quilts Mike O’Dell ever made was for his sons.

He drew a Star Wars stormtrooper on a 5-by-6.5-foot sheet of graph paper on his kitchen floor, cut the pattern into smaller sections and sewed fabric onto the paper. Then, he stitched the pieces together on a sewing machine and discarded the paper remnants, he says.

He started the process in 2018 and finished the quilt 18 months later, says O’Dell, 50, an Oklahoma City-based nurse anesthetist.

But the actual sewing work — quilting on top of the design, a practice called “foundation paper piecing” — was surprisingly straightforward for a beginner, O’Dell says. He figured that if he hired people to streamline the process, he could make and sell quilting kits with licensed images of nature scenes, animals and characters.

He launched his side hustle, called Legit Kits, in 2020. The company brought in more than $1.25 million in sales through Shopify last year, according to documents reviewed by CNBC Make It, and an additional $150,000 selling quilt kits at Joann Fabrics and Crafts, O’Dell estimates. (On Feb. 23, Joann announced closures of all of its roughly 800 stores, citing bankruptcy liquidation.)

DON’T MISS: How to start a side hustle to earn extra money

O’Dell works at Legit Kits one day per week as its CEO and creative director, and spends four days per week at a hospital. Legit Kits’ seven full-time employees and four freelance designers keep the business running during O’Dell’s nursing hours.

He spends his one Legit Kits day per week largely promoting the company, he says — on social media, particularly Facebook — and networking in professional crafting groups, which helped him land a spot on an episode of ABC’s “Shark Tank” that aired in January.

Legit Kits broke even last year, after accounting for costs of inventory, payroll, hiring and a $4,500 monthly rent for a 4,500-square-foot manufacturing space, O’Dell says. He plans to pay himself $50,000 from Legit Kits this year, on top of his $240,000 nurse anesthetist salary.

Here, O’Dell discusses starting a side hustle without prior experience, how he balances his full-time job with Legit Kits and what he wishes he’d known before jumping into entrepreneurship.

CNBC Make It: Do you think your side hustle is replicable? Can anyone successfully create a crafting business?

O’Dell: Sure. There are so many opportunities out there. I took something that’s generally crafty and I added [artful designs] to it. They seem similar, because they both take skill, but art is what causes an emotional reaction in the observer.

I wasn’t a quilter before I started writing patterns, but my wife was. When she started, I watched her make nine-patch quilts and sew the pieces of fabric together in a grid, like tic-tac-toe.

It reminded me of my first job, when I was still in high school, with a computer company. I did their instruction manual, and drew pictures the same way — pixel by pixel in a computer program.

That’s how I drew the storm trooper. It was 1,260 pixels, and it was easy enough for a beginner like me to do. My ignorance was actually a benefit, because when you’re an expert at something, you tend to make assumptions. When people don’t know stuff, they have to ask a lot of questions. 

How do you balance your full-time job with your side hustle?

I’ve lost sleep. I’ve had a lot of stress. But I don’t know that there’s any sort of burnout that can match medical burnout, and I’ve had that for a long time.

The burnout that I feel at the hospital fuels my energy to do the other thing for myself. Legit Kits is my brain child. I own 100% of it, and I get to control what happens.

It turns the volume down when everybody’s mad at work. I hear it, but I’m just like, “I’m not going to manage my people that way.” [Plus] it’s kind of hard to beat an anesthesia salary. I’ve got three kids, and I want my kids to go to college.

I once read in a book on entrepreneurship that [said] when you start a business, you should expect it to take over your life for the next five to 10 years. I started quilting seven years ago, so I’m coming up for air right on time.

I can clock out at Legit Kits without checking my email or texts all evening. I just go and plug my phone in when I get home, and leave it alone until the next day. I’m finally detaching in a healthy way.

What do you wish you’d known before starting Legit Kits? 

Back in the day, when I was watching “Shark Tank,” if somebody said they had sold a million bucks’ worth of something, I was like, “Yeah! They’re rich. They’re millionaires.”

Sadly, you don’t really get to keep most of the money that your business makes. It goes right back into it. When we were consistently breaking $100,000 a month in sales, I was like, “Yeah, this is it.” But then you’re spending $100,000 a month, too.

What’s your plan for growing Legit Kits past breakeven and into profitability?

You have to write your goals down, so there’s a 5-foot sign in my office. It says, “World Quilt Domination.”

[I’m investing more in] marketing, hiring someone to do custom work for us. The plan is to start with a $10,000 per month budget, and roll profits from the previous month’s marketing returns into each month’s budget.

Preliminary results: We spent $900 on Facebook and directly sold $6,300 in the first week. I’ve learned that it typically takes three months before you see the full effects of a marketing campaign, so I’m hoping to have profitability in that timeframe.

I want to start getting on [retail] shelves with some smaller projects that still look cool, and spread out to the masses more. I want to be in all of the boutique quilt shops out there, all the little mom-and-pop shops. I’m just now starting to get recognized by some bigger businesses.

For most quilters, designing 20 patterns is a ton. That’s like a life’s work. My goal is to get to 100 patterns. I feel like there’s still room to push this medium, and I think there’s a whole lot of places Legit Kits can go.

This interview has been edited for length and clarity.

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”

Want to earn some extra money on the side? Take CNBC’s new online course How to Start a Side Hustle to learn tips to get started and strategies for success from top side hustle experts. Sign up today and use coupon code EARLYBIRD for an introductory discount of 30% off $97 (+taxes and fees) through April 1, 2025.