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The Fund seeks to track the investment results of the ICE 0-3 Month US Treasury Securities Index (the Underlying Index), which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of less than or equal to three months. As of February 29, 2024, there were 37 components in the Underlying Index. The Underlying Index is market value weighted based on amounts outstanding of issuances consisting of publicly issued U.S. Treasury securities that have a remaining term to final maturity of less than or equal to three months as of the rebalance date and $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account. In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities and zero-coupon bonds that have been stripped from coupon-paying bonds (e.g., Separate Trading of Registered Interest and Principal of Securities). However, the amounts outstanding of qualifying coupon securities in the Underlying Index are not reduced by any individual components of such securities (i.e., coupon or principal) that have been stripped after inclusion in the Underlying Index. The Underlying Index is rebalanced on the last calendar day of each month.

Many people talk about saving money and building a nest egg. However, "I Will Teach You To Be Rich" author and financial guru <a href="https://www.benzinga.com/personal-finance/25/02/43995980/self-made-millionaire-warns-90-of-people-are-throwing-away-money-on-this-expense">Ramit Sethi</a> believes there's a valuable money lesson that's missing from conversations.
"Few people teach you how to spend money meaningfully," the financial guru stated in a recent <a href="https://moneywise.com/managing-money/ramit-sethi-money-red-flags-couples">Moneywise interview</a>.
People are good about telling you to avoid impulsive purchases. They also advocate for putting your money into assets like stocks and real estate. However, not everyone fancies the idea of passing away with millions of dollars in the bank. It's good to have a big nest egg, but you should also take time to enjoy some of the fruits of your labor.
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<h2 class="wp-block-heading">Restrictions Need Balance</h2>
The personal finance industry is good at telling you to restrict purchases. It's good to restrict certain purchases, especially impulsive ones. The money you save by not buying unnecessary things will add up in the long run. However, Sethi expresses how only thinking in terms of restrictions can lead to an unsatisfying life.
"No, you can&#8217;t buy coffee. No, you can&#8217;t buy jeans. No, you can&#8217;t go on vacation. Save your money until you&#8217;re 96 years old and then maybe you can take a trip in economy seats," he told&nbsp; Moneywise.
Sure, it may benefit some people to cut down on coffee or avoid the latest fashion items. However, if you have a $10 million account but feel dead inside because of the missed opportunities, was relentless saving really worth it? That's the idea Sethi wants more people to consider as they work toward their financial goals.
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<h2 class="wp-block-heading">Spending Money Meaningfully</h2>
A rich life isn't just tied to a net worth. Sethi views a rich life as the ability to build wealth, achieve personal growth, and have a life aligned with your values. Spending money meaningfully gives people the flexibility to make big purchases if they provide long-lasting memories.
For instance, some people may say that you can't afford to go on any vacations while you are in debt or building up to a $1 million portfolio. <a href="https://www.benzinga.com/personal-finance/25/04/44587016/dave-ramsey-says-a-600k-salary-should-be-enough-so-why-is-this-couple-living-paycheck-to-paycheck-one-disgusting-expense-to-blame">Looking at your budget</a> and cutting out a bunch of expenses is a good decision when you are looking to build wealth. However, Sethi's approach to building a rich life would allow people to go on a big vacation if it's on their bucket list.
Spending money meaningfully can help you cut down on purchases that don't have any meaning. You may become sharper with your money and more inspired to boost your income if you know you can spend it on meaningful purchases.&nbsp;
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<h2 class="wp-block-heading">Don't Always Fixate On Costs</h2>
Sethi told Moneywise that he believes people who fixate on every cost "suck the life out of every room." This approach demonstrates that it's good to focus on costs in some areas, but it's worth ignoring the price tag if a purchase is meaningful.
Meaningful purchases don't always come. In fact, the fewer purchases you make for yourself, the more meaningful they are. It's similar to a room filled with clutter versus a room with a few items. Each individual item in a cluttered room doesn't carry as much meaning as the few items in a tidy room.
You can fixate on some costs, and it's good to observe when this happens. If you're thinking about the cost, it probably isn't a meaningful purchase. However, if the thought of buying something is more significant than its cost, then it may be a meaningful purchase.
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Personal Finance

Ramit Sethi Shares A Valuable Lesson About Money That Most People Miss: 'Few People Teach You How To Spend Money Meaningfully'

Charlie Munger wasn't just Warren Buffett's right-hand man—Buffett once called him the "architect of Berkshire Hathaway." He was a machine of rational thinking, known for <a href="https://www.benzinga.com/personal-finance/25/03/44146342/charlie-munger-said-he-was-passionate-about-getting-rich-but-not-because-i-wanted-ferraris-i-wanted-the-independence">cutting through Wall Street hype</a> with a few words sharper than most analysts' full reports. But even the sharpest minds miss the mark now and then.
In 2021, Munger made a bold bet on Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>). He didn't whisper it either—he went all in through the Daily Journal Corporation, where he served as chairman, snapping up 165,000 shares of the Chinese tech giant. As the price dropped, he doubled down, building the position to over 600,000 shares—worth about $72 million and nearly 30% of the portfolio.
Then came the U-turn.
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The same man who had praised Alibaba's strategic positioning in China's internet ecosystem called the move "one of the worst mistakes I ever made." At the <a href="https://www.youtube.com/live/9VVPO3KWj3A?si=f8EWUfxwW4Gj27K0">Daily Journal's 2023 annual meeting</a>, Munger admitted:
"I got charmed by the idea of their position in the Chinese internet; I didn't stop to realize they're still a goddamn retailer. It's going to be a competitive business, the internet — it's not going to be a cakewalk for everybody."
He also added, "I keep rubbing my own nose in my own mistakes like I'm doing now because I think it's good for myself."
Alibaba's stock had been battered by regulatory crackdowns, founder Jack Ma's disappearing act, and a broader market chill toward Chinese companies. Munger criticized Ma directly, <a href="https://youtu.be/NZzv2GJxRaw?si=YzvigfQEJ1CXEtkK">calling him "very arrogant"</a> for publicly taking shots at Chinese regulators.
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At that point, it <a href="https://www.benzinga.com/news/25/03/44238467/warren-buffett-shares-biggest-investing-mistakes-433m-deal-that-cost-berkshire-billions-and-trillion-dollar-tech-stocks-he-missed">seemed like a rare Munger misfire</a>. The stock had nearly halved, and Daily Journal started trimming its stake. By Q1 2024, the holding was down to 195,000 shares—worth just $16.5 million at the time.
But then something happened.
Since Munger's death in November 2023, Alibaba stock has rebounded—hard. It's up 74% <a href="https://www.businessinsider.com/charlie-munger-alibaba-stock-ma-mistake-china-tech-byd-buffett-2025-3">according to Business Insider</a>, driven by surprisingly strong earnings and a push into artificial intelligence. In February, Alibaba blew past analyst expectations, <a href="https://www.businesswire.com/news/home/20250219393026/en/Alibaba-Group-Announces-December-Quarter-2024-Results">reporting $38.5 billion in revenue</a> and EPS of $2.93. AI products racked up triple-digit growth for six quarters in a row.
So was it really one of the worst mistakes of his investing career?
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Maybe not. The rebound doesn't erase the pain of mistiming or the political risks Munger flagged. But the story of Alibaba now reads less like a disaster and more like a case of brutal short-term volatility that clouded long-term potential.
The Daily Journal still holds its smaller stake. Whether that holding grows again remains to be seen—but it's clear that what looked like a major blunder may have just needed more time.
Munger often said, "<a href="https://www.benzinga.com/personal-finance/25/03/44065682/charlie-munger-shared-advice-for-the-young-but-it-applies-to-all-if-youve-got-anything-you-really-want-to-do-dont-wait-until-youre-93">All I want to know is where I'm going to die, so I'll never go there</a>." Turns out, even he couldn't always predict which bets would live and which would come roaring back from the grave.
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BABA

Charlie Munger Called Alibaba 'One of the Worst Mistakes I Ever Made'—Now It's Up 74% Since His Death, and That 'Goddamn Retailer' Is Surging

Mark Cuban has made billions, built companies, and basically turned being blunt into a brand. But if there's one thing he's not doing? Pretending it was all part of some master plan.
In a <a href="https://www.gq.com/story/mark-cuban-interview-advice">2023 GQ interview</a>, Cuban stripped the gloss off the billionaire success story. "Anybody who has a ‘B' next to their name, and they tell you they <a href="https://www.benzinga.com/personal-finance/24/06/39192298/warren-buffett-was-asked-if-he-had-to-start-over-in-his-30s-how-would-he-make-30-billion-today-h">could do it all again</a>, they're lying their ass off," he said. "You've got to have luck. You gotta have timing."
That wasn't self-deprecation. It was precision.
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Cuban isn't saying success is impossible or that everyone with <a href="https://www.benzinga.com/personal-finance/25/04/44618898/warren-buffett-said-cash-is-always-a-bad-investment-and-you-dont-need-excessive-amounts-but-hes-sitting-on-record-334-billion-cash-pil">money just rolled the dice</a> right. What he's pointing out is that there's more to the story than <a href="https://www.benzinga.com/personal-finance/24/11/42193386/mark-cuban-shared-600-a-month-dallas-apartment-with-5-guys-and-slept-on-the-living-room-floor-i-had-nothing-so-i-had-nothing-to-lose">grit and genius</a>. He had a solid idea, sure. He worked hard. But he also happened to understand networking right when the internet stock market blew up. That timing? Out of his control. "If I would have been born three years earlier, three years later, we probably would not be having this conversation," he said.
It's a rare kind of honesty in a world that loves to package ambition as a blueprint. Cuban doesn't buy into that fantasy—not for himself, and not for everyone else trying to make it.
He's not alone in this thinking. Warren Buffett has often spoken about winning the "ovarian lottery," acknowledging that being born in the right place at the right time played a significant role in his success. Similarly, Bill Gates has recognized the role of <a href="https://www.benzinga.com/personal-finance/25/02/43562104/bill-gates-was-the-richest-man-in-the-world-for-a-record-18-years-he-says-money-brings-freedom-but-beyond-that-its-the-same-hamburger">luck and timing in his journey</a>. In Malcolm Gladwell's book "Outliers," Gates discusses how having access to a computer at a young age was a rare opportunity that set him on the path to founding Microsoft.
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Elon Musk, while emphasizing hard work, also admits to the challenges and uncertainties in entrepreneurship. Speaking at a town hall in Green Bay, Wisconsin last month, he said, "It is true that most businesses that start do not succeed."
But that doesn't mean Cuban plays it safe. He's the same guy who called diversification "for idiots," though he now says that line came from a different time and market. "The only constant in life is change," he told GQ. His philosophy isn't about being right forever—it's about staying sharp while everything else shifts.
That same instinct led him to <a href="https://www.benzinga.com/personal-finance/25/03/44552923/mark-cuban-says-his-online-pharmacy-could-make-more-but-how-much-money-do-i-need-adds-in-elon-musk-dig-not-trying-to-land-on-mars">launch Cost Plus Drugs</a> with Alex Oshmyansky. It wasn't Cuban's idea, but he knew a system worth breaking when he saw one. Now they're undercutting pharma giants and drawing praise from The Wall Street Journal for it.
So yes, Cuban got lucky. But he also knew what to do when that luck showed up. The myth that success comes from a perfect plan? He's not buying it. And if he's being honest—neither should anyone else.
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Mark Cuban Said Billionaires Who Claim They Could Do It All Again Are 'Lying Their A** Off' — You've Got To Have 'Luck And Timing' To Get Rich

Charlie Munger, the longtime business partner of Warren Buffett, once voiced his disapproval of introducing young people to active stock trading, likening it to initiating them into heroin use.
What Happened: Munger expressed his contempt for active investment management during the yearly Daily Journal shareholder <a href="https://www.youtube.com/watch?v=X1Oi3esiry8">meeting </a>in 2019. He proposed that it might be detrimental to novice investors.
Munger compared the contemporary world&#8217;s efforts to promote active stock trading among the youth to persuading them to start using heroin. Instead, he lauded large index funds as a superior choice for regular investors looking to gain&nbsp;exposure to the stock markets.
"If you take the modern world where people are trying to teach you to come in and trade actively in stocks, well I regard that as roughly equivalent to trying to induce a bunch of young people to start off on heroin," Munger said.
Also Read: <a href="https://www.benzinga.com/news/25/02/43581818/charlie-mungers-four-life-lessons-consume-less-than-you-accumulate-invest-judiciously-persistently-learn-and-uphold-discipline">Charlie Munger&#8217;s Four Life Lessons: &#8216;Consume Less Than You Accumulate, Invest Judiciously, Persistently Learn, and Uphold Discipline&#8217;</a>
Furthermore, he lambasted many active stock pickers, implying they are in denial about the worth of their expertise vis-à-vis the fees they impose on&nbsp;clients. &#8220;They have a horrible&nbsp;problem they can&#8217;t fix so&nbsp;they just treat it as&nbsp;nonexistent,&#8221; Munger added.
"It's wrong to have all these people in just a state of denial and doing what they've always did year after year, and hoping that the world will keep paying them for it even though an unmanned index is virtually certain to do better," he said. 
Despite his critique of active investment management, Munger conceded that it&#8217;s permissible for investors to hold a limited&nbsp;number of stock positions if&nbsp;their goal is to outperform the wider stock markets. He underscored the significance of investing in sectors where one possesses additional knowledge.
Why It Matters: Munger&#8217;s comments highlight the potential risks associated with inexperienced investors engaging in active stock trading. His comparison to heroin use underscores the addictive nature of trading and the potential for significant financial loss. 
His endorsement of large index funds for everyday investors suggests a preference for more conservative, long-term investment strategies. His criticism of active stock pickers also raises questions about the value of their services in relation to their fees. 
This could potentially influence how investors approach their investment strategies and who they choose to manage their investments.
Read Next
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Shutterstock: Kent Sievers

News

Success Stories

Markets

Charlie Munger Slams Teaching Stock Trading To Young People: 'It's Like Trying To Induce Young People To Start Off On Heroin'

The S&amp;P 500 descends into correction territory following President Trump&#8216;s tariff declarations.
What Happened: Stock prices plummeted in response to President Trump&#8217;s sweeping 10% tariffs&nbsp;on all U.S. trading partners&nbsp;announced the day before. 
This move has sparked concerns over a potential trade war and heightened inflation, both of which could steer the U.S. towards an economic slowdown. Consequently, the S&amp;P 500 has now dipped over 11% from its February peak, indicating its entry into correction territory.
Renowned investor Warren Buffett, in his 2017 <a href="https://www.berkshirehathaway.com/letters/2017ltr.pdf">letter </a>to shareholders, recommended a 19th-century poem as a tool to maintain composure during stock market downturns.
"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&nbsp;Rudyard Kipling's classic <a href="https://www.poetryfoundation.org/poems/46473/if---">poem </a>"If," Buffett wrote. 
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Buffett drew from Rudyard Kipling&#8217;s 1895 poem, "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."
"No one can tell you when these will happen. The light can at any time go from green to red without pausing at yellow," Buffett wrote in 2017.
Why It Matters: Buffett perceives downturns as &#8220;extraordinary opportunities&#8221; and encourages investors to adhere to their long-term plans and continue investing, irrespective of whether a decline is temporary or extended. 
He underscores that downturns are frequently succeeded by the market resuming its upward trend, and advises investors to seize these opportunities.
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Shutterstock

Politics

Buffett's Warning as Stocks Plunge: 'The Light Can at Any Time Go From Green to Red'

Many Americans face a critical decision as they approach retirement: when to start collecting <a href="https://www.benzinga.com/personal-finance/25/03/44552524/sen-angus-king-on-social-security-whats-going-on-is-the-destruction-of-the-agency-from-the-inside-out-and-its-accelerating">Social Security benefits</a>. While some opt to claim as early as age 62, financial expert Suze Orman warns that this decision could be a major mistake.&nbsp;
On a recent episode of her &#8220;<a href="https://omny.fm/shows/suze-ormans-women-and-money/suze-school-your-must-do-s-for-right-now">Women &amp; Money</a>&#8221; podcast, Orman urged listeners to rethink early Social Security claims, emphasizing that fears about the program's future shouldn't dictate financial choices.
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<h2 class="wp-block-heading">The Fear of Social Security Running Out</h2>
Orman acknowledges that many people are worried about the long-term stability of Social Security. She said that some individuals rush to <a href="https://www.benzinga.com/personal-finance/25/01/43036312/grab-the-money-while-you-can-grant-cardones-unconventional-advice-for-those-eligible-for-social-security">claim benefits early</a>, fearing that if they wait, the system might collapse and they won't receive anything at all. However, she told her listeners to stop thinking that way because "you could be sabotaging your financial future."
Orman said that Social Security is a foundational part of financial security for millions of Americans and that it isn't going away any time soon.&nbsp;
"If they were to do something like that or if Social Security all of a sudden stopped sending you checks because the whole system crashed, there would be such an uproar," she said.&nbsp;
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<h2 class="wp-block-heading">Why Delaying Benefits Pays Off</h2>
Orman has consistently recommended waiting until age 70 to claim Social Security. By delaying, retirees can significantly increase their monthly payments. Under current rules, claiming at 62 results in reduced benefits, while waiting until full retirement age — age 66 or 67 depending on when you were born — allows recipients to receive 100% of their benefits. Those who hold off until 70 can receive even more — up to 32% higher than what they would get at full retirement age.
Orman cautioned against making hasty decisions based on fear, urging people to consider the long-term benefits of waiting. "Don&#8217;t claim at 67 when you were going to wait till 70 because you&#8217;re afraid that if you&#8217;re not already claiming that therefore you&#8217;ll maybe be cut," she advised.
See Also: Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a>
<h2 class="wp-block-heading">Potential Changes to Social Security</h2>
While Orman reassured listeners that Social Security won't disappear, she acknowledged that changes to the program are likely. Instead of cutting benefits for current recipients, she believes lawmakers may gradually <a href="https://www.benzinga.com/personal-finance/25/03/44552100/i-have-no-doubt-theyre-going-to-raise-the-full-retirement-age-possibly-to-70-suze-orman-weighs-in-on-social-security-fears">increase the eligibility age</a> for future retirees. "What they&#8217;re going to do is, like I told you before, they will postpone the age that you can get your Social Security," she explained.
She also pointed out that recent government layoffs and <a href="https://www.benzinga.com/25/03/44540084/mark-cuban-says-closing-social-security-offices-and-ending-phone-support-is-just-a-back-door-way-to-cut-benefits-calls-it-horrific-for-seniors">office closures</a> could make it harder for people to apply for benefits or get answers to their questions. Orman encouraged listeners to be proactive and call their congresspeople and senators to urge them not to lay off Social Security workers.&nbsp;
<h2 class="wp-block-heading">Steps to Take Now</h2>
For those concerned about Social Security, Orman recommends taking practical steps to prepare:
<ul>
<li>Create an online "<a href="https://www.ssa.gov/myaccount/">my Social Security</a>" account to track your benefits.</li>
<li>Gather necessary documents so you&#8217;re ready when it&#8217;s time to apply.</li>
<li>Stay informed about potential policy changes.</li>
<li>Advocate for Social Security resources by reaching out to lawmakers.</li>
</ul>
Ultimately, Orman says patience and planning are key. While uncertainty exists, she remains confident that Social Security will continue to be a cornerstone of retirement planning for millions of Americans.
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Suze Orman Says Stop Collecting Social Security Early Because 'You Could Be Sabotaging Your Financial Future'

The Centers for Medicare &amp; Medicaid Services has reportedly eliminated jobs in multiple key divisions, including its Office of Minority Health, as part of a sweeping restructuring <a href="https://www.benzinga.com/25/03/44514142/rfk-jr-to-announce-10000-job-cuts-shut-regional-agencies-in-a-major-health-department-overhaul-report" target="_blank" rel="noreferrer noopener">effort led by Health and Human Services Secretary </a><a href="https://www.benzinga.com/25/03/44514142/rfk-jr-to-announce-10000-job-cuts-shut-regional-agencies-in-a-major-health-department-overhaul-report" target="_blank" rel="noreferrer noopener">Robert F. Kennedy Jr.</a>
During a virtual all-hands meeting on Friday, CMS Acting Administrator Stephanie Carlton confirmed that the cuts were part of Kennedy's broader plan to downsize the Department of Health and Human Services, CNBC reports.
Though CMS saw about 300 job cuts, the overall plan affects 10,000 HHS employees and marks one of the most significant federal health workforce reductions in decades.
Offices hit include the Office of Minority Health, which focuses on eliminating health disparities, and the Medicare-Medicaid Coordination Office, which serves individuals eligible for both programs, the report adds.
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Carlton also cited significant reductions in the Office of Program Operations &amp; Local Engagement—tasked with local stakeholder outreach—and an office managing grants and contracts.
Carlton said the layoffs aimed to streamline overlapping divisions while maintaining critical services.
Dr. Mehmet Oz, confirmed by the Senate this week to lead CMS, is expected to address employees in a follow-up meeting, CNBC adds.
Once known as "America's Doctor," Oz brings a controversial public health reputation due to his promotion of unproven supplements.
Kennedy has acknowledged the potential for mistakes in the cuts and suggested some programs may be reinstated.
Meanwhile, the U.S. faces urgent health challenges—including a major measles outbreak and growing bird flu concerns—while the FDA has been forced to scale back<a target="_blank" href="https://www.benzinga.com/25/02/43900398/measles-cases-surge-5x-in-us-in-a-week-cdc-reports-outbreak-primarily-originating-from-a-texas-county" rel="noreferrer noopener"> food safety testing due to staffing losses</a>.
The legal status of shuttering the Office of Minority Health remains unclear, given its authorization under the Affordable Care Act.
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Office of Minority Health Targeted as RFK Jr. Drives Deep Cuts Across CMS

Republican leaders are reportedly standing firm in their support for President Donald Trump despite internal worries about his global tariffs.
What Happened: According to a report,&nbsp;Speaker Mike Johnson and Senate&nbsp;Majority Leader John Thune have not indicated any intention of pressuring the Trump administration to change its tariff policies. This comes in spite of a 10%&nbsp;drop in the stock market&nbsp;and cautionary statements&nbsp;from Federal Reserve Chair Jerome&nbsp;Powell.
Despite their personal pro-free-trade beliefs and the private concerns of their party members, both leaders have decided to give the Trump administration time to stabilize the economic situation. Thune, who has previously expressed concerns about the effect of tariffs on his home state of South Dakota, is particularly noteworthy, <a href="https://www.politico.com/news/2025/04/04/mike-johnson-john-thune-trump-tariffs-republicans-00273959">reports</a> Politico.
However, the political necessity of having Trump and lawmakers aligned with his Make America Great Again (MAGA) agenda to advance the GOP&#8217;s legislative agenda is a reality both leaders must contend with. As Sen. Kevin Cramer (R-N.D.) stated, &#8220;If Republican members start drifting away from supporting President Trump, everybody gets weaker.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/25/04/44656680/trumps-10-tariff-on-most-imports-is-finally-here-taking-effect-saturday">Trump&#8217;s 10% Tariff On Most Imports Is Finally Here, Taking Effect Saturday</a>
The approach of Thune and Johnson mirrors the reluctance among the GOP members, who fear that even slight criticism could incite the president&#8217;s&nbsp;wrath and a primary challenge.&nbsp;They also rely on the administration&#8217;s backing to obtain&nbsp;exemptions for their states or&nbsp;support for industries impacted by the tariffs.
Why It Matters: The GOP leaders&#8217; stance on the tariffs issue is crucial as it reflects the broader party&#8217;s approach towards the Trump administration&#8217;s policies. 
Their decision to support the tariffs, despite internal concerns and potential economic fallout, underscores the political dynamics within the GOP. 
It also highlights the influence of Trump&#8217;s MAGA agenda on the party&#8217;s legislative strategy, which could have significant implications for future policy decisions.
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Amid Tariff Turmoil, Here's Why Mike Johnson and John Thune Stand by Trump

When your dad manages billions and has a knack for <a href="https://www.benzinga.com/personal-finance/25/04/44618898/warren-buffett-said-cash-is-always-a-bad-investment-and-you-dont-need-excessive-amounts-but-hes-sitting-on-record-334-billion-cash-pil">multiplying money</a>, you'd think he'd at least spring for a movie ticket. But growing up Buffett meant never being too sure—about tickets, snacks, or anything that even hinted at a freebie. Especially not popcorn.
Because even if Warren Buffett brought you to the movies, there was a real chance you'd still be pulling out your own wallet. And the popcorn? Don't even think about it.&nbsp;
In 1990, <a href="https://fortune.com/2012/11/21/the-children-of-the-rich-and-famous/">Fortune</a> asked the children of the rich and famous what it was like growing up with money. Buffett's son, Howard, didn't exactly describe a childhood of endless yeses.
"If you went to the movies, you never knew if he would buy your ticket or not," Howard said. "His attitude was, ‘Everybody pulls his own weight.'"
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That line wasn't some performative bit for the press. It was Buffett in full dad-mode: discipline over dollars.
And even if you were lucky enough to score a paid-for ticket, the snack stand wasn't a sure thing either.
In "The Snowball: Warren Buffett and the Business of Life," biographer Alice Schroeder wrote about Buffett's habit of denying small requests—even when the family was surrounded by signs of wealth.
"The children went on nice vacations, enjoyed themselves at the country club, wore good clothes, and saw their mother's <a href="https://www.benzinga.com/25/03/44458811/billionaire-warren-buffett-still-drives-a-2014-cadillac-but-joked-charlie-mungers-idea-of-traveling-in-style-was-an-air-conditioned-bus">Cadillac and fur coats</a>. But they never got to take money for granted. Their father niggled over small amounts of money all the time and surprised them by denying little requests. If he took them to a movie, he might not pay for popcorn."
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Schroeder went on to explain Buffett's thinking when it came to these everyday denials: "If one of the kids asked for something, his answer might well be no: ‘If I did it for you, I'd have to do it for everyone.'"
No luxury limo lectures. No shouting from marble staircases. Just a guy in a modest Omaha house turning down popcorn on principle.
This wasn't just about snack bars or spare change. Even when Buffett's daughter, Susie, needed a $30,000 loan to remodel a cramped kitchen in her Washington home, he turned her down. According to Schroeder, Susie asked for help and got hit with a classic Buffett response:
"‘Why not go to the bank?' he asked, and <a href="https://www.benzinga.com/personal-finance/24/09/40881429/warren-buffetts-daughter-asked-him-for-a-41-000-loan-to-remodel-her-kitchen-but-the-billionaire-">turned her down</a>." Buffett explained that "a football player on the Nebraska football team shouldn't inherit the starting quarterback position from his father, a former star quarterback." He wasn't trying to be cold, but he was sticking to principle. "He won't give it to us on principle," Susie said.&nbsp;
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In 2017, Susie told <a href="https://www.businessinsider.com/becoming-warren-buffett-facts-hbo-2017-1">Business Insider</a> her father unfairly gets a bad rap, saying; &#8220;I actually agree with his philosophy of not dumping a bunch of money on your kids. He has been much more generous than people are aware. I feel extremely grateful to have the parents I had and for what they&#8217;ve given us."
This was Buffett's parenting style: down-to-earth, dollar-aware, and pretty unpredictable when you were standing in line at the theater. He didn't want his kids growing up with a built-in sense of "of course." He wanted them to question it, <a href="https://www.benzinga.com/personal-finance/25/03/44482365/warren-buffetts-son-wasnt-raised-like-a-billionaires-kid-he-mowed-lawns-and-cleaned-gutters-because-there-are-jerks-with-money-and-jerks-without">earn it, or pay for it themselves</a>.
And for Howard, that sometimes meant budgeting for your own ticket… and bringing exact change for Raisinets.
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Warren Buffett's Kid Says They Had To Pull Their Own Weight — 'If You Went to the Movies, You Never Knew If He Would Buy Your Ticket Or Not'

President Donald Trump came under fire from Democrats on Friday after he spent the day at his Florida golf club amid economic <a href="https://www.benzinga.com/news/25/03/44550743/trump-organization-invests-1-5-billion-in-luxury-golf-and-urban-project-in-vietnam-amid-tariff-uncer" target="_blank" rel="noreferrer noopener">chaos and a solemn military event</a>.
Trump&#8217;s appearance at Trump International Golf Club West Palm Beach followed his recent announcement of sweeping global tariffs—moves that have sent U.S. markets into a tailspin and stoked fears of a looming recession, Politico <a href="https://www.politico.com/news/2025/04/04/trump-golf-stock-market-00006830" target="_blank" rel="noreferrer noopener">reports</a>.
While Trump was on the green, four U.S. soldiers&#8217; remains were returned to American soil after a training accident in Lithuania.
Trump did not attend the dignified transfer ceremony at Dover Air Force Base, prompting backlash from lawmakers, the report adds.
&#8220;Ceremony for fallen soldiers, mass layoffs, and cratering stock market happening today, but what&#8217;s Pres Trump doing? Attending a Saudi golf tournament at his resort,&#8221; <a href="https://x.com/RepDarrenSoto/status/1908183791505432610" target="_blank" rel="noreferrer noopener">posted</a> Rep. Darren Soto (D-Fla.) on X, formerly Twitter. &#8220;He fiddles while Rome burns…&#8221;
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The President also participated in a dinner event for the Saudi-backed LIV Golf tour Thursday night and has remained involved in brokering a potential deal between LIV and the PGA Tour.
His golf resorts have hosted numerous LIV events.
Democrats seized on the optics. &#8220;Recession fears are rising. The stock market is tanking. But don&#8217;t worry, Donald Trump is golfing,&#8221; wrote Rep. Jason Crow (D-Colo.). Sen. Tammy Duckworth (D-Ill.) sarcastically added, &#8220;At least he&#8217;s getting some time to unwind.&#8221;
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Critics Hit Trump for Golf Trip Amid Tariff Chaos, Troop Deaths: 'He Fiddles While Rome Burns'

In response to President Donald Trump&#8217;s sweeping new tariffs on global imports, Gov. <a href="https://www.benzinga.com/topic/gavin-newsom" target="_blank" rel="noreferrer noopener">Gavin Newsom</a> (D-Calif.) has directed his administration to pursue new <a href="https://www.benzinga.com/general/politics" target="_blank" rel="noreferrer noopener">strategic partnerships with international trading partners.</a>
&#8220;California is not Washington D.C.,&#8221; Newsom said in a video <a href="https://www.gov.ca.gov/2025/04/04/governor-newsom-directs-state-to-pursue-strategic-relationships-with-international-trading-partners-urges-exemptions-of-california-made-products-from-tariffs/" target="_blank" rel="noreferrer noopener">message</a> Friday, distancing his administration from Trump&#8217;s trade agenda.
Newsom is also calling for California-made products to be exempted from retaliatory tariffs, stressing that the Golden State remains committed to open, fair, and mutually beneficial trade.
The governor&#8217;s directive comes as the Trump administration imposes a 10% baseline tariff <a target="_blank" href="https://www.benzinga.com/markets/25/04/44656680/trumps-10-tariff-on-most-imports-is-finally-here-taking-effect-saturday" rel="noreferrer noopener">on all imports, triggering global retaliation.</a>
China, one of California&#8217;s largest trade partners, announced a 34% counter-tariff taking effect next week, raising concerns over the future of key industries like agriculture and manufacturing.
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Newsom emphasized the importance of protecting California&#8217;s $3.9 trillion economy—now the fifth-largest in the world—including its $675 billion in two-way trade and 1.1 million manufacturing jobs.
California leads the nation in agriculture, high-tech, and venture capital, and is home to 32 of the world&#8217;s top 50 AI companies.
The governor warned that retaliatory tariffs could severely damage California&#8217;s supply chains and export markets, especially for small businesses and farmers already struggling in a difficult economy.
Goods like steel, aluminum, and drywall—essential for rebuilding after recent wildfires—could also see price spikes due to the new tariffs.
Newsom&#8217;s administration will now work to identify partnerships that support cross-border trade, protect critical supply chains, and stabilize industries vulnerable to federal trade disruptions.
California has signed 38 international agreements under Newsom, reflecting a long-standing commitment to global cooperation.
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Newsom Seeks Direct Trade Deals With Other Nations: 'California Is Not Washington D.C.'

President Donald Trump&#8216;s recent announcement of new tariffs sent the U.S. stock futures into a tailspin.
What Happened: The imposition of tariffs, including a 10% charge on all imported goods and a 25% levy on foreign automobiles, caused Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock to plunge 10% on Friday, wiping out $11 billion from CEO Elon Musk&#8216;s net worth. 
According <a href="https://www.bloomberg.com/news/articles/2025-04-03/stock-market-drop-erases-208-billion-from-bezos-zuckerberg-other-billionaires?sref=TBDibEcD">to</a> Bloomberg, this resulted in unprecedented losses on Thursday and Friday.
Reports indicate that Musk holds around 411 million Tesla shares, accounting for 12.8% of the company's total. A notable chunk of these shares was used as collateral to finance his purchase of Twitter, now known as X. 
Although details such as how many shares are pledged, the terms of his loan agreements, and the price point that could lead to a margin call haven't been made public, the implications could be considerable.
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Other tech giants also felt the heat on Friday, with&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) down 7.29%,&nbsp;NVIDIA Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) falling 7.36%,&nbsp;Amazon Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) dropping 4.15%,&nbsp;Alphabet Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) decreasing 3.20%, and&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) down 5.06%.
Why It Matters: The significant drop in Tesla&#8217;s stock price is a clear indicator of the potential impact of political decisions on the stock market. The newly imposed tariffs have not only affected Tesla but also other tech giants, leading to a widespread market downturn. 
This event underscores the vulnerability of tech companies to global political and economic shifts. The decline in Tesla&#8217;s sales globally, coupled with the backlash against Musk&#8217;s political involvement, adds another layer of complexity to the situation. 
It remains to be seen how Tesla and other tech companies will navigate these challenges in the future.
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Elon Musk Loses $11 Billion As Tesla Stock Plummets In Wake Of New Trump Tariffs

Israeli Prime Minister Benjamin Netanyahu is reportedly planning a visit to <a href="https://www.benzinga.com/markets/25/04/44656680/trumps-10-tariff-on-most-imports-is-finally-here-taking-effect-saturday" target="_blank" rel="noreferrer noopener">the White House on Monday</a>.
If the visit goes ahead, Netanyahu will meet with President Donald Trump in person to address key geopolitical and economic issues, including Trump&#8217;s newly imposed tariffs on Israeli goods, Axios <a href="https://www.axios.com/2025/04/04/netanyahu-visit-trump-wh-tariffs" target="_blank" rel="noreferrer noopener">reports</a>, citing sources familiar with the matter.
Secretary of State Marco Rubio spoke with Netanyahu on Friday, and their conversation included a discussion on tariffs.
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Israel had attempted to preempt the tariffs by announcing it would unilaterally remove all duties on U.S. imports, but the strategy failed. Trump set a 17% tariff rate on Israeli exports, citing the significant bilateral trade deficit.
During a call on Thursday—while Netanyahu was visiting Budapest—Trump invited him to Washington, suggesting the visit could happen as early as next week, Axios adds.
The announcement surprised both Israeli officials and Trump&#8217;s own aides, as the visit was initially expected to take place later in April during Passover.
However, Netanyahu&#8217;s attendance hinges on whether the judges overseeing his ongoing corruption trial will permit him to skip scheduled testimony next week.
Key issues expected to be on the agenda include the Iran nuclear threat and the ongoing war in Gaza, Axios adds.
A senior Israeli official indicated Axios that Netanyahu sees little chance for a successful U.S.-Iran nuclear deal and is eager to coordinate with Trump on potential military action if diplomacy fails.
The two leaders are also expected to revisit stalled ceasefire and hostage negotiations in Gaza.
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Netanyahu May Meet Trump at White House on Monday, With Tariffs, Iran, and Gaza on the Table

According to MSNBC host Stephanie Ruhle, Treasury Secretary Scott Bessent is seeking an exit from Donald Trump&#8216;s administration after just two months on the job,
What Happened: Ruhle said on her Friday show that Bessent&#8217;s reputation has taken a hit due to the poor execution of Trump&#8217;s tariff policy, and he is seeking an out.
Ruhle sais that Bessent, who has a net worth of $521 million from managing large hedge funds, is finding it difficult to reconcile with Trump&#8217;s tariff math, which has been widely criticized for its rudimentary understanding of international trade, <a href="https://www.thedailybeast.com/msnbc-host-stephanie-ruhle-alleges-trumps-treasury-sec-looking-for-an-exit-door/">reports</a> Daily Beast.
The tariff announcement, made last week and referred to as &#8220;Liberation Day,&#8221; imposed a blanket 10%&nbsp;tariff on all U.S. imports&nbsp;and &#8220;reciprocal&#8221; tariffs on 180 countries. This resulted in a significant dip in stock futures,&nbsp;with the Dow Jones Industrial&nbsp;Average experiencing its worst day since 2020.
Reports suggest that Trump is &#8220;not listening&#8221; to Bessent, who appears to be increasingly isolated within the president&#8217;s inner circle. Bessent, who has a deep understanding of market dynamics, has been more cautious in his approach, previously describing&nbsp;the use of sweeping tariffs&nbsp;as &#8220;maximalist&#8221; positions.
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After the tariff rollout, Bessent cautioned countries against retaliation. However,&nbsp;on Friday, China announced a&nbsp;retaliatory 34%&nbsp;tariff on all U.S. imports, leading to another stock market plunge.
Why It Matters: The alleged exit of Bessent could further destabilize the Trump administration, which is already facing criticism for its handling of the tariff rollout. The tariff debacle has not only affected the U.S. stock market but has also strained international relations, particularly with China. 
Bessent&#8217;s departure could signal a lack of confidence in the administration&#8217;s economic policies, potentially leading to further market volatility.
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Shutterstock: Jimwatson

MSNBC's Ruhle: Treasury Secretary Bessent Looking for an Exit Amid Tariff Chaos

Elon Musk has an idea, and this time, it's not about Mars, AI, or self-driving cars. The Tesla and SpaceX CEO, along with President Donald Trump, is now calling for a livestream of <a href="https://www.foxbusiness.com/economy/elon-musk-says-fort-knox-gold-reserves-should-livestreamed">Fort Knox's gold reserve</a>s—just to make sure the gold is still there.
&#8220;I mean, that would be really fun. And after all, it is actually the gold of the American people, so the American people, it seems to me, have a right to see their gold,&#8221; Musk said. &#8220;Hopefully, it looks really cool. You know, open the doors like, ‘Is it there? Is that really gold? Let's check.' Maybe it'll be really interesting,&#8221; he added.
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His suggestion came in response to a social media post asking whether he would check on the U.S. Bullion Depository's reserves. &#8220;Would be awesome to livestream Fort Knox.&#8221; The idea quickly picked up traction, with Trump reportedly supporting it.
<h2 class="wp-block-heading">What's in Fort Knox, and Why Are People Suspicious?</h2>
Fort Knox, located in Kentucky, is one of the most secure places on Earth. It holds approximately 147.3 million troy ounces of gold bullion, worth over $459.2 billion at current market prices. According to the <a href="https://www.usmint.gov/about/tours-and-locations/fort-knox?srsltid=AfmBOorAKfMwGFU3cNWbLEtFSJ31roUnftZ9i27yKhJKN5E3djpNF2s3#accordion-d08d17b2a7-item-13f72f12ff">U.S. Mint</a>, the last audit confirmed every ounce is still there.
However, that hasn't stopped conspiracy theories from circulating. Rumors have long suggested that some—or all—of the gold might be missing, replaced with fake bars, or even moved without public knowledge.&nbsp;
The secrecy surrounding Fort Knox fuels speculation, as very few people have been granted access.
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Musk and Trump are among those questioning whether America's gold reserves have remained untouched. &#8220;Who is confirming that gold wasn't stolen from Fort Knox?&#8221; Musk wrote <a href="https://x.com/elonmusk/status/1891555910218097122?">on X</a> on Feb. 17, playfully speculating: &#8220;Maybe it's there, maybe it's not.&#8221;
<h2 class="wp-block-heading">Has Anyone Actually Seen the Gold?</h2>
Despite public skepticism, current and former government officials insist the gold is safe. Treasury Secretary Scott Bessent <a href="https://www.facebook.com/DanODonnellShow/videos/exclusive-treasury-secretary-scott-bessent-confirms-to-me-that-yes-there-is-stil/1117913866735106/">said in February</a> that a full audit is conducted annually. &#8220;The audit that ended Sept. 30, confirmed all the gold is present and accounted for,&#8221; he said.
Trump's former treasury secretary, Steven Mnuchin, also visited Fort Knox in 2017. He later told <a href="https://www.youtube.com/watch?v=hkJk_m5r-F0">CNBC</a>, &#8220;The gold was there when I visited it. I hope nobody's moved it. I'm sure they haven't.&#8221; Mnuchin was the first Treasury secretary to visit the facility in over 50 years.
See Also: <a href="https://www.benzinga.com/money/elon-musk-told-the-u-n-if-they-could-show-a-plan-for-ending-world-hunger-hed-donate-6-billion-i-will-sell-tesla-stock-right-now-and-do-it">Elon Musk Told The U.N. If They Could Show A Plan For Ending World Hunger He'd Donate $6 Billion – ‘I Will Sell Tesla Stock Right Now And Do It'</a>
<h2 class="wp-block-heading">A Livestream of Fort Knox? Here's Why It's Complicated</h2>
While a Fort Knox livestream sounds exciting and possibly the best reality show ever, security concerns make it unlikely.&nbsp;
The depository is one of the most heavily guarded locations in the world, and access is restricted to only a select few government officials. The last time reporters were allowed inside was in 1974.
The U.S. Mint maintains the &#8220;only gold removed has been very small quantities used to test purity during regularly scheduled audits.&#8221; Otherwise, no gold &#8220;has been transferred to or from the Depository for many years.&#8221;
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Elon Musk Wants To 'Livestream Fort Knox'—Says Americans Have A Right To See Their Gold: 'Is It There? Let's Check.'

In a significant market downturn since President Donald Trump announced new tariffs worldwide, the world&#8217;s wealthiest individuals have seen their fortunes shrink by $74 billion.
What Happened: The market turmoil following Trump&#8217;s sweeping tariffs led to a considerable loss in wealth for the top 10 richest people globally. The S&amp;P 500 experienced a near 5% drop,&nbsp;the Dow lost 1,679 points,&nbsp;and the Nasdaq composite plunged&nbsp;6%.
Elon Musk, who has been facing public backlash for his association&nbsp;with the White House DOGE&nbsp;office and subsequent boycotts against&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), saw his net worth decrease by $11 billion. Musk&#8217;s wealth is primarily tied to his stake in Tesla.
Similarly, Jeff Bezos,&nbsp;the founder and executive chairman&nbsp;of&nbsp;Amazon&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), suffered a $15.9 billion reduction in his wealth.&nbsp;Meta&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FB#NASDAQ">FB</a>)&nbsp;Mark Zuckerberg&nbsp;lost $17.9 billion amid criticism over the rollback of fact-checking on Meta platforms.
Other billionaires who felt the impact include&nbsp;Warren Buffett&nbsp;of&nbsp;Berkshire Hathaway&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>),&nbsp;Bernard Arnault&nbsp;of LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>),&nbsp;Bill Gates,&nbsp;Larry Ellison&nbsp;of&nbsp;Oracle&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>),&nbsp;Larry Page&nbsp;and&nbsp;Sergey Brin&nbsp;of&nbsp;Alphabet&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and former Microsoft CEO&nbsp;Steve Ballmer.
Why It Matters: The significant loss in wealth for these billionaires underscores the far-reaching impact of Trump&#8217;s tariffs on the global economy. 
The market downturn not only affects the world&#8217;s richest but also has potential implications for average investors and the broader economy. 
The tariffs, intended to protect domestic industries, have sparked market chaos and uncertainty, leading to significant financial losses for some of the world&#8217;s most influential business leaders.
Shutterstock: Nmorguelan

LVMUY

ORCL

$74 Billion Wiped Out Since Tariff Declaration — See How Much The Billionaires Lost

It's normal for people to increase their income as they get more work experience and develop new skills. However, a recent "CNBC Make It" video tells the story of a 40-year-old who went from earning $5.15 per hour to netting more than $1 million per year. He is one of the outliers that can inspire others to pursue bigger goals.
Jamal Robinson started in the fast food industry and eventually became a tech worker. Along with the career jumps came a large portfolio, and he managed to accumulate a $3.5 million net worth before turning 40.&nbsp;
Robinson shares his journey and some of the strategies he used to accelerate his earnings.
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<h2 class="wp-block-heading">Some Quick Research Led To His First Negotiation</h2>
The salary for his first job after college wasn't substantial. He told CNBC that he was only set to earn roughly $32,000 per year, but the context surrounding this job set him up for seven-figure years.
It turns out that $32,000 per year was a massive underpay, and he did some quick research to discover that the average engineer was making $54,000 per year at the time. Robinson called HR about this discrepancy, and the company immediately offered him an additional $10,000 per year.
While $42,000 per year was still lower than average, Robinson saw the benefits of negotiating a higher salary. A single email <a href="https://www.benzinga.com/news/small-cap/23/03/30133560/fighting-inflation-from-your-home-10-side-hustle-ideas-to-keep-your-purchasing-power-intact">increased his earnings</a> by more than 30%.&nbsp;
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The experience changed him, causing him to always stay on top of average salaries. Robinson said that he asks his peers how much they make to gauge if he is getting a fair salary.&nbsp;
<h2 class="wp-block-heading">Be Open To New Opportunities</h2>
Robinson didn't stay at that first job for long. He worked in startups and moved from one job to the next, raising his salary along the way.
"I always kept my eyes open for new opportunities," he told CNBC.
He didn't just take new jobs. He also made a conscious effort to build connections with his peers. Those connections helped him land jobs at IBM, Amazon, Intel, Microsoft, and other tech giants. Working for those companies and job hopping helped him accelerate his earnings. It didn't take long for him to go from barely making 6-figures to being deep in the 6-figure range. Then, his annual earnings exceeded $1 million.
See Also: Have $200K saved?<a href="https://www.benzinga.com/money/have-200k-saved-heres-how-to-turn-it-into-lasting-wealth"> Here's how to turn it into lasting wealth</a>
<h2 class="wp-block-heading">Continue To Sharpen Your Skills</h2>
Even when his responsibilities and salary went up, Robinson told "CNBC Make It" that he continued to learn. He earned nine certificates and got an MBA while climbing the corporate ladder. He also saw that artificial intelligence was shaping into the next big thing and focused his expertise on AI.
He eventually retired with a $3.5 million portfolio and now follows the <a href="https://www.benzinga.com/personal-finance/25/01/43399160/suze-orman-says-ditch-the-4-retirement-rule-and-opt-for-less-its-very-dangerous-and-no-longer-works-in-todays-financial-environment">4% rule</a>. This rule states that you can live off an annual 4% withdrawal from your investments. The hope is that the investments grow at more than 4% each year to ensure you don't run out of money. The strategy has risks, but it's easier to pull off with a $3.5 million portfolio.&nbsp;
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How A 40-Year-Old Went From Earning $5.15 Per Hour To More Than $1 Million Per Year: 'I Always Kept My Eyes Open For New Opportunities'

The stock market has seen a historic two-day drop, but experts are cautioning against panic.
What Happened: The crash has erased over $5 trillion in market cap, marking the most devastating week for the market since the early onset of the COVID-19 pandemic in 2020.
The Dow Jones Industrial Average took a dive of over&nbsp;2,200 points, the Nasdaq 100&nbsp;entered&nbsp;a bear market, and the&nbsp;S&amp;P 500 lost nearly 6%. The crash spared no sector of the S&amp;P 500.
Investors are now left wondering about the next course of action. While the urge to panic and make drastic decisions can be overwhelming, experts recommend against it. They remind investors that the overall trend of stocks is upwards, and that severe market drops are often followed by recoveries.
Gina Bolvin, president of&nbsp;Bolvin Wealth Management Group, urges investors to acquaint themselves with cyclical and defensive stocks, and to ensure their portfolios are diversified. She also warns against day trading, asserting that most day traders end up incurring losses.
&#8220;Don&#8217;t panic. The headlines and the market change quickly,&#8221; she <a href="https://www.businessinsider.com/stock-market-crash-what-to-do-investing-trade-war-tariffs-2025-4">told</a> Insider.
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&#8220;The only change to your portfolio should be to confirm it&#8217;s diversified and you can weather the storm in good times or bad,&#8221; Bolvin added.
Investors are also advised to maintain some of their&nbsp;investments in cash or cash&nbsp;equivalents, like a money market&nbsp;fund.&nbsp;Brett Panziera, CFP, an associate&nbsp;director of financial planning at&nbsp;EP Wealth Advisors, recommends having sufficient cash on hand to cover&nbsp;at least six months of&nbsp;expenses, or&nbsp;up to two or three&nbsp;years if retired.
&#8220;Even outside of a recession, you should aim to have an amount of cash on hand to fund at least six months of your expenses, or if you are retired and don&#8217;t have employment income to support your spending, perhaps up to two or three years,&#8221;&nbsp;Panziera said. 
Why It Matters: The recent market crash, triggered by the ongoing trade war, has left investors in a state of uncertainty. The advice from experts to stay calm, diversify portfolios, and hold some&nbsp;investments in cash or cash&nbsp;equivalents could prove crucial in navigating this turbulent period. 
The general upward trend of stocks and the common occurrence of rebounds following deep market plunges offer a glimmer of hope amidst the chaos. 
However, the situation remains fluid, and investors are advised to stay informed and make decisions based on their individual financial situations and risk tolerance.
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Shutterstock: MiniStocker

Market Mayhem Persists As Tariffs Spark Turmoil — Experts Say 'Don't Panic'

Mark Cuban wants Americans to ditch pricey tax software and file their taxes for free. In a recent Bluesky <a href="https://bsky.app/profile/mcuban.bsky.social/post/3llrdz6c5bs2t">post</a>, the billionaire entrepreneur encouraged users to take advantage of the IRS Direct File system, calling it a secure, simple way to file taxes that doesn't cost a cent.
"File your taxes <a href="https://www.benzinga.com/money/how-to-file-your-own-taxes">using IRS Direct File</a>, a free, secure, accurate and accessible product from the IRS," Cuban wrote. "It is available in 25 states and allows you to import your tax information, like your W-2, directly from the IRS."
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<h2 class="wp-block-heading">What Is Direct File?</h2>
The program, first piloted in 2024, is now expanding and <a href="https://www.benzinga.com/personal-finance/24/10/41321973/more-than-30-million-americans-can-file-taxes-for-free-in-2025-find-out-if-youre-one-of-them-and">available to more than 30 million Americans</a>. Taxpayers in 24 states who lived there for all of 2024 are eligible to use the platform. The list includes large states like California, Florida, New York and Texas, and it's expected to grow in the future.
Direct File is part of a government push to make filing taxes cheaper and easier for ordinary Americans. Created by the U.S. Digital Service and backed by funding from the Inflation Reduction Act, the program is meant to cut out the middleman. For many users, it replaces expensive software and paid preparers.
It supports common income types like W-2 wages, Social Security, unemployment, interest over $1,500 and non-IRA pension income. It also allows filers to claim credits like the Earned Income Tax Credit, Child Tax Credit, and the Retirement Saver's Credit. But it doesn't yet support gig work, rental income, or itemized deductions.
The Treasury Department said on its&nbsp; <a href="https://home.treasury.gov/policy-issues/inflation-reduction-act/irs-direct-file-service">website</a> says the average taxpayer spends 13 hours and $270 filing taxes. Cuban sees Direct File as a way to change that.
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<h2 class="wp-block-heading">Why Cuban Says It's Under Threat</h2>
In a follow-up <a href="https://bsky.app/profile/mcuban.bsky.social/post/3llrdz6cb6s2t">post</a>, Cuban warned that the program could be on the chopping block.
"BTW, [Department of Government Efficiency] wants to end this program, created by USDS. They say there aren&#8217;t enough users. Let&#8217;s prove DOGE wrong — it&#8217;s a great program that simplifies filing your taxes," he wrote.
DOGE has reportedly pushed for <a href="https://www.benzinga.com/25/02/43754316/irs-gears-up-to-lay-off-thousands-of-workers-potentially-impacting-tax-season-no-analysis-to-the-impact-it-will-have-on-operations">deep cuts in federal jobs</a> and programs, including hundreds of thousands of layoffs across agencies.
Cuban sees Direct File as a tool that helps regular people and shouldn't be scrapped just because it doesn't yet have massive adoption.
<h2 class="wp-block-heading">He Puts His Money Where His Mouth Is</h2>
Cuban said he <a href="https://www.benzinga.com/25/03/44182718/mark-cuban-was-proud-to-pay-his-275-9m-tax-bill-last-year-and-says-yes-to-taxing-billionaires-more-instead-of-slashing-jobs">paid $275.9 million in taxes</a> last year and was happy to do it.
"I pay what I owe. This country has done so much for me, I&#8217;m proud to pay my taxes every single year," he <a href="https://x.com/mcuban/status/1779573824318521840">wrote</a> on X. When someone asked if billionaires should be taxed more instead of cutting essential government jobs, Cuban replied simply: "Yes."
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The money he paid mostly came from long-term capital gains tied to his $3.5 billion sale of his majority stake in the NBA's Dallas Mavericks. Instead of using that windfall to call for tax breaks, Cuban is calling for a fairer system.
"We only get to be entrepreneurs and enjoy the freedoms we have because of the men and women who dedicate their lives to protecting our country," he told <a href="https://www.cnbc.com/2024/04/15/how-much-mark-cuban-pays-in-taxes.html">CNBC</a>. "They deserve every penny they get, and my taxes go to support them."
<h2 class="wp-block-heading">How To Use Direct File</h2>
To see if you qualify, visit <a href="http://directfile.irs.gov/">DirectFile.irs.gov</a>. The system works on smartphones, tablets and computers, and is available in Spanish as well.
For eligible taxpayers, it's a chance to file taxes quickly, for free, without hidden fees or upsells. And if Cuban has his way, using the tool might also help keep it alive.
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'Let's Prove DOGE Wrong' — Mark Cuban Urges Followers To Use IRS Direct File For Taxes, Says DOGE Wants It Gone Due To Low Usage

Roth IRAs are some of the best tax-advantaged accounts that investors can access. Although you have to pay taxes on your Roth IRA contributions, the withdrawals are tax-free. That tax-free status extends to any capital gains and dividends.
A <a href="https://www.msn.com/en-us/money/news/build-emergency-and-retirement-savings-at-the-same-time/vi-AA1C4L9f?ocid=weather-verthp-feeds&amp;cvid=e89268263c9c40098b637dfbca7ddafb&amp;ei=29">recent "CNBC: Your Money" video</a> claimed that Roth IRAs can double as emergency savings accounts. The idea is that the money in a Roth IRA continues to grow tax-free, and you can then take money out of the account for emergencies.
However, there are some flaws within this assumption that are worth noting for people who want to abandon emergency savings accounts in favor of a Roth IRA.
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<h2 class="wp-block-heading">Roth IRAs and Emergency Savings Accounts Have Different Objectives</h2>
Every investment comes with risks and potential returns, and the mentality behind both of these accounts are different. People who put money into a <a href="https://www.benzinga.com/personal-finance/25/03/44565518/investor-considers-100-voo-or-vti-for-roth-reddit-weighs-in-on-bold-choice">Roth IRA</a> want it to grow as much as possible. You don't have to worry about any taxes on dividends or capital gains, so it's the ideal place for growth stocks and ETFs.
However, people want more stability with their emergency savings accounts. For most people, a good emergency savings account is a bank account that yields 3%-4% APY.&nbsp;
While you can pull money from a Roth IRA during an emergency, it's often a bad idea to sell stocks during market corrections. Viewing a Roth IRA as an emergency savings account makes you vulnerable to market timing. People who follow this strategy are essentially hoping that their Roth IRAs generate enough gains before they are needed for an emergency.
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<h2 class="wp-block-heading">Accessibility Issues</h2>
You can withdraw money from a high-yield savings account at any time. Most banks limit you to six withdrawals per month before a small fee applies for additional withdrawals. However, most consumers can manage to stay below this threshold.
However, a Roth IRA's funds aren't accessible until you turn 59 1/2 years old. While you can technically withdraw from a Roth IRA at any time, withdrawing before you turn 59 1/2 years old will result in a 10% penalty. However, this 10% penalty only applies to earnings (i.e., dividends and capital gains), not your contributions. Young adults should avoid viewing a Roth IRA as an emergency savings account due to the penalty fee.
<h2 class="wp-block-heading">Annual Contribution Limits</h2>
Another detail to keep in mind is the Roth IRA's contribution limits. The IRS adjusts this limit periodically, and you will qualify for <a href="https://www.benzinga.com/personal-finance/24/12/42396804/could-the-super-catch-up-be-your-ticket-to-a-richer-retirement-starting-in-2025-60-year-olds-can-save-an-extra-11250">catch-up contributions</a> when you turn 50. Right now, you can contribute $7,000 per year in a Roth IRA. That annual contribution limit goes up to $8,000 per year if you are at least 50 years old.
See Also: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
It's important to keep this number in mind when treating a Roth IRA like an emergency fund. If you pull $30,000 out of a high-yield savings account, you can replace the funds at your own pace. You could theoretically put $30,000 into your bank account in one year if you wanted to replenish it.
However, you don't have that option with a Roth IRA. If you pull $30,000 from a Roth IRA for an emergency expense, you're still limited to a $7,000 annual contribution. It would take more than four years to replenish your account, but you could have made those contributions even if you didn't pay the emergency expense.
Roth IRAs and high-yield savings accounts are different financial instruments with different objectives, strengths, and weaknesses. It's not a good idea to treat them as one in the same. Luckily, the low annual IRA contribution limits make it easier to build up a Roth IRA and a high-yield savings account.&nbsp;
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