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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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.

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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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Every parent hopes their child will grow up and still want a close relationship with them. But close bonds don’t happen by accident — they are built through small, everyday interactions that make a child feel safe, seen and valued.

As a conscious parenting researcher and coach, I’ve studied over 200 families. I’ve found that the way you respond to your children from the day they’re born determines how strong your relationship with them is when they’re adults.

If you want your kids to always trust, respect and want to be around you, no matter how old they are, start doing these seven things early on.

Children need to feel safe and comfortable sharing their feelings. But when they hear “you’re fine” or “it’s not a big deal,” they start believing that their feelings aren’t important and eventually stop sharing them.

Instead of dismissing emotions, acknowledge them. To help them feel heard, say things like: “That sounds frustrating” or “I see you’re upset.” Emotional safety isn’t about fixing problems — it’s about making sure they feel understood.

Parenting based on fear, punishment or constant correction creates distance. Kids will then learn to hide parts of themselves to avoid disappointing you.

Parents who remain close with their children don’t demand obedience. Instead, they prioritize building trust. Simple moments — laughing together, listening without judgment, showing empathy — help children feel safe.

When kids feel emotionally secure, they continue seeking your support well into adulthood.

When parents make all the decisions, kids start to think: My actions don’t matter anyway, so why have an opinion on anything?

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Instead of deciding everything for them, ask “What do you think?” or “What feels right to you?” Let them make small, age-appropriate choices, like picking their clothes, hobbies or what to eat.

Parents expect respect from their kids, but they don’t always model it themselves.

Apologizing teaches kids that respect goes both ways. Saying, “I overreacted earlier, and I’m sorry” shows them that relationships aren’t about power, but mutual understanding.

Children raised in homes where accountability is the norm don’t fear making mistakes. Instead of hiding their struggles, they trust they can come to you without shame.

A strong relationship isn’t built in one big conversation — it’s created through small, consistent moments.

What shapes your bond isn’t just the time you spend together, but how often your child feels prioritized. Sharing a meal, reading at bedtime or simply checking in about their day strengthens the bond.

Kids who feel valued in small ways will naturally stay close to you later in life.

If a child feels constantly compared or judged, they start shrinking themselves to fit in. Over time, they learn to hide their real thoughts, interests and struggles.

Helping kids accept themselves starts with how you respond to them. Instead of pointing out flaws, celebrate their uniqueness. Encouraging their interests, even when they don’t align with your expectations, lets them know that you love them exactly as they are.

When kids grow up feeling accepted, they won’t have to choose between being themselves and staying close to you.

There will be moments when you and your child don’t see eye to eye. If you always push to be “right” at the cost of connection, they will learn your approval is conditional. They may comply in childhood, but will distance themselves in adulthood.

Instead of proving a point, focus on understanding. If your child disagrees with you, resist the urge to shut them down. Respond with curiosity: “Tell me more about why you feel that way.”

When kids know they can express themselves and still be loved and respected, they grow into adults who trust the relationship rather than fear it.

Reem Raouda is a leading voice in conscious parenting, a certified coach and the creator of BOUND — the groundbreaking parent-child connection journal designed to nurture emotional intelligence, self-worth and lifelong trust. She is widely recognized for her work in children’s emotional safety and strengthening the parent-child bond. Follow her on Instagram.

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Beau Vallis started his music career young.

The 32-year-old got an internship at legendary music engineer Jimmy Douglass’ studio in Miami when he was just 18. It was there he met former Destiny’s Child member Kelly Rowland, for whom he became the go-to music engineer, and ultimately worked with such modern icons as Sia and Sean Paul. He also worked on Pharrell Williams’ album “Girl,” which got nominated for the Album of the Year Grammy in 2015.

Despite this major success so early on in his career, Vallis had a hard time making a living. “The label kind of chooses what they want to pay, when they want to pay it,” he says. There were days when he simply wouldn’t get paid for his work.

After hearing about Fiverr as a possible source of income for musicians, Vallis created a couple of music engineering gigs going for as little as $25 each in 2016. That year, he made a few thousand dollars. With the help of people from the site, however, by 2017, he was able to make a living working full-time on Fiverr.

Vallis has made more than $1.2 million on the site since, with an average of $13,000 per month in 2024. His advice for others who want to follow suit: Customer service is “absolutely key,” he says.

First, Vallis is super responsive. “I’m answering you at all hours of the day,” he says.

He also finishes clients’ “revisions extremely fast,” he says. “People are blown away hourly by how fast I get them something.” That’s both because he’s gotten very good at his job — he mixes “30, 40 songs a day,” he says — and because he finds that, as a seller, it can be easy to prioritize other things before you get to your orders. But you have to put them first.

“I call it the Amazon Prime of Fiverr,” he says. “You want it now. That’s the world that we live in. So if I can’t provide that for you, you’re going to go to the next guy who can get it faster.”

There’s also an element of personal touch he likes to emphasize. “Get to know people,” he says. “Ask them certain things about their day.”

If he finds out a client is going to the doctor when they put in their order, when Vallis delivers he’ll say, “I know you went to the doctor because your shoulder was hurting, so how was that?” This helps the experience be more human and “not so monotonous and robotic,” he says. It shows he genuinely cares about them.

“There’s people out there that can probably do what I do, maybe better,” says Vallis about engineering, “but they can’t beat me on customer service. And I feel like that’s the most important thing on Fiverr.”

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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