Market Performance: April 12, 2024.

Stocks stumbled on Friday as the kick off to earnings season amplified worries over a protracted battle against inflation. The tech-heavy Nasdaq Composite (^IXIC) slid 1.6%, while the S&P 500 (^GSPC) shed 1.5%. The Dow Jones Industrial Average (^DJI) fell 1.2%, or just under 500 points.

Stocks slumped after an underwhelming showing from the banking sector, the first in a wave of corporate earnings that come after a surprisingly hot consumer price print spooked investors earlier this week.

Wall Street is scrutinizing quarterly results from big banks to assess the potential impact if interest rates remain higher than expected this year.

Money Habits Mark Zuckerberg, Bill Gates and 8 Other Billionaires Have in Common

Billionaires like Facebook’s Mark Zuckerberg and Microsoft co-founder Bill Gates, among others, maintain certain monetary habits that have been pivotal in helping them climb to the dizzying heights of their prosperity.

Invest in Yourself: Bill Gates and Oprah Winfrey

Billionaire philanthropist Bill Gates is a voracious reader. He believes in constantly learning and is known for often sharing book recommendations. This constant quest for knowledge not only broadens one’s horizons but can inspire the “next big thing” idea. The fact that Gates is an avid reader and a billionaire may not be a coincidence. Media mogul Oprah Winfrey also stresses the importance of investing in oneself, specifically in your communication skills.

Diversify Your Investments: Elon Musk and Jeff Bezos

Tesla CEO Elon Musk’s wealth is not tied to Tesla alone. He owns SpaceX and is involved in ambitious projects ranging from X (formerly Twitter) to tunneling technology aptly named The Boring Company. He is also famous for being linked to popular cryptocurrencies. Similarly, Amazon’s Jeff Bezos has a diverse portfolio. His investments span various sectors, including tech, health and even space travel.

Invest for the Long Term: Carlos Slim Helú and Peter Lynch

Consider Carlos Slim Helú, commonly known as Carlos Slim. This financial titan, who once held the esteemed position of the world’s richest person, is a staunch advocate for the power of long-term investing. Peter Lynch, longtime manager of the Magellan Fund at Fidelity Investments, shared Slim’s conservative approach.

Philanthropy: Mackenzie Scott and Azim Premji

Many billionaires are notable philanthropists. Mackenzie Scott, an author and philanthropist, has committed to giving away most of her wealth, and she’s already donated billions to causes she believes in. Azim Premji, on the other hand, is informally known as the “Czar of the Indian IT Industry.” He’s transformed his company, Wipro, into a global business and donated billions to charity through the Wipro Foundation.

Would Your Money Be Affected by a Government Shutdown?

In late 2023 and early 2024, there were warning signs of a government shutdown, but it was averted by continuing resolutions and stopgap measures. On March 22, 2024, Congress passed appropriations bills to fully fund the government through the remainder of the fiscal year, preventing a partial government shutdown.

While there’s no longer a concern about a government shutdown for the remainder of the 2023-24 fiscal year, it’s important to know how one would impact your finances if it were to occur in the future. Here’s what you need to know.

What Is a Government Shutdown?

A government shutdown occurs when federal departments and agencies don’t receive their expected funding from annual appropriations bills. The funding lapse happens when Congress fails to pass bills approving financial resources or the president refuses to sign congressionally approved bills.

Will I Receive a Paycheck During a Government Shutdown?

It depends. If you work for the federal government and are not an excepted or exempt employee, it’s likely that you’ll be furloughed. Each governmental agency sets its own policies concerning excepted and exempt employees, but here’s a list of people who are most likely to go without pay.

Will I Continue To Receive My Social Security Benefits?

Yes. Social Security benefits aren’t impacted by a government shutdown, so recipients will continue to get their regular checks. That’s good news for retirees and others who are dependent on their monthly Social Security income.

How Does a Government Shutdown Impact SNAP Benefits? 

The Supplemental Nutrition Assistance Program provides monthly benefits to qualified recipients to help pay for groceries. The U.S. Department of Agriculture oversees the program in partnership with state agencies and private entities. If a government shutdown occurs, recipients should continue to receive benefits for at least one month. The USDA could rely on contingency reserves to cover future monthly benefits if necessary. However, if the USDA doesn’t properly instruct the states to disburse funds, there may be an interruption in benefits.

Social Security, military pensions and disability payments will continue, but there may be certain interruptions for some services. Understanding how a shutdown will impact your finances can help you prepare appropriately.

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