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The Brexit and You

The news has been full of the stories leading up to the so-called Brexit vote and now the news is full of talk about the somewhat surprising vote of Britons to leave the EU. In those weeks leading up to the vote, there was much concern about what might happen, particularly in the financial markets and also more particularly in the event Britain was to leave. The “establishment” firmly believed that Britons would vote to remain and most prognosticators said the same thing.

All that hype not surprisingly led to a big negative reaction in the markets when the vote tipped to leave as opposed to remaining with the EU. Many pundits and businesses immediately jumped in with their recommendations and opinions for investors. The relative value of most of these can be understood simply by reading the headlines and titles of these communications. Useful and sensible items such as “will the EU seek revenge against Britain” and “gold has jumped 22% against the British pound” will give you an idea that not a whole lot of thinking is going on.

Probably the best counsel you will receive is that which takes more of a wait and see approach. Of course there is money to be made on fear and greed, but how long one’s satisfaction may last with that focus is doubtful at best. The timing of an actual exit, the real impacts on trade and policies, the results for both Britain and the EU, all are uncertain today and may be quite different from those predictions made on unknowns.

If you have money to gamble, then go ahead and dabble with the sea of suggestions and predictions out there. But if you are saving for retirement, for starting a family or business, or some other major project important to you, stay away from the dizzying array of offerings and work with the products and approaches you understand and approve of using.

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