“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness.” – A Tale of Two Cities
Ever had that feeling: just when you thought you’ve seen it all, the world surprises you? Well, this June, the world was certainly dealt a new one… when we woke up to the news that citizens of the United Kingdom have voted to exit the European Union. This is commonly referred to by the nickname ‘Brexit’.
The shock across the world was like an earthquake, followed by a tsunami of uncertainty: politically in the UK and the EU, and also in financial markets globally.
Like any earthquake, the vote has created a series of aftershocks. One thing is certain: times of transition always lead to a number of economic and investment concerns. It’s only natural to feel the need to protect your money. However, no matter what, taking your money and running for the hills is never a good idea. Even following something as earth-shattering as Brexit.
During periods of uncertainty, the temptation to make a quick profit is also rife! We hear people talk about buying foreign currency, cheaper market shares, and many more ‘get rich quick’ tactics. The truth is, with something as big and undefined as Brexit, no one has any guarantee as to how their finances will ultimately be affected.
It’s even been pointed out by the experts that the only certainty about Brexit is the uncertainty it has created. – Geoffrey Garrett, Dean at The Wharton School
So here’s your Brexit safety guide, to keep you safe until the dust settles:
- The trick now is to remain calm and think long term.
- Do not switch your investment just to try and time currencies and markets.
- Stay put, and wait for the markets to find a new balance.
- Have trust in the experts.
- Don’t allow fear or greed to govern your financial choices.
- Consult your financial advisor before making rash decisions.