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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On the whole, happiness in the U.S. is on the decline. The country fell down a spot from the year prior to No. 24 in the 2025 World Happiness Report. 

But there is still plenty of joy to be found across the 50 states — including in Plano, Texas, which ranked No. 1 in a recent SmartAsset report identifying the happiest cities in America. SmartAsset ranked cities on 11 metrics across three categories: personal finance, wellbeing and quality of life. 

Individual metrics include the share of households living below the poverty line, share of residents who report being inactive and traffic volume on major roads.

Here are the 10 happiest cities in the U.S., according to SmartAsset:

1. Plano, Texas

• Households earning $100,000/year or more: 54.3%
• Life expectancy in years: 81.3
• Marriage rate: 55.9%

2. Arlington, Virginia

• Households earning $100,000/year or more: 65.3%
• Life expectancy in years: 83.9
• Marriage rate: 41.4%

3. Raleigh, North Carolina

• Households earning $100,000/year or more: 42.5%
• Life expectancy in years: 81.0
• Marriage rate: 41.6%

4. Seattle, Washington

• Households earning $100,000/year or more: 57.5%
• Life expectancy (years): 81.1
• Marriage rate: 41.4%

5. San Jose, California

• Households earning $100,000/year or more: 62.2%
• Life expectancy in years: 83.8
• Marriage rate: 48.1%

6. Boise, Idaho

• Households earning $100,000/year or more: 39.3%
• Life expectancy in years: 79.7
• Marriage rate: 47.8%

7. Fremont, California

• Households earning $100,000/year or more: 71.9%
• Life expectancy in years: 82.0
• Marriage rate: 49.6%

8. Lincoln, Nebraska

• Households earning $100,000/year or more: 32.0%
• Life expectancy in years: 79.1
• Marriage rate: 44.5%

9. Durham, North Carolina

• Households earning $100,000/year or more: 41.9%
• Life expectancy in years: 79.2
• Marriage rate: 44.5%

10. Anchorage, Alaska

• Households earning $100,000/year or more: 47.6%
• Life expectancy in years: 76.3
• Marriage rate: 48.2%

A few factors made Plano stand out in SmartAsset’s ranking, including the city’s high marriage rate of 56% and that 54% of households earn at least $100,000 a year.

While you don’t need to be married to be happy, numerous studies have shown partnered people tend to be happier than single adults. Married people also tend to earn more and spend less, Census Bureau and Labor Department data has found.

When it comes to factors like school quality, job opportunities and entertainment options, Plano has a solid reputation. The city ranked No. 6 on Niche’s 2025 best places to live in the U.S. based on factors like its schools and public safety. Plano also ranked No. 5 in SmartAsset’s 2023 rankings of the safest cities in America due to its low drug mortality and violent crime rates.

“Living in Plano, Texas, offers a modest yet fulfilling experience with its safe, family-friendly neighborhoods, excellent schools, and well-maintained parks,” a reviewer who says they’re a current Plano resident posted on Niche.

“Whether enjoying Tex-Mex at a local eatery or exploring diverse cuisines, Plano’s vibrant food scene complements its community-focused atmosphere, making it a comfortable place to call home,” they added.

Research has shown higher incomes are associated with higher levels of happiness, which SmartAsset took into account with metrics like the share of households earning $100,000 a year or more and local poverty rates.

Previous research suggested that while an increase in income is correlated with greater life satisfaction, that was only true up to a certain point. But more recent studies have concluded that drop-off doesn’t really exist.

Even people who are already objectively wealthy will continue to feel the positive effects of more money when they get raises or otherwise increase their wealth, University of Pennsylvania researcher Matthew Killingsworth found in 2024.

The material impacts of more money will be relative, but the increase to happiness is roughly the same, he said.

For example, someone with a low income getting a 20% raise may suddenly be able to more comfortably feed their family, whereas a higher earner getting a 20% raise may simply upgrade their car. But the happiness boost they both feel will be roughly the same, Killingsworth’s research suggests.

Of course, this correlation isn’t true for everyone. Outside factors like relationships or underlying mental health problems may inhibit a person’s happiness regardless of their income, Killingsworth’s research found.

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.

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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.”

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.

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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.

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.