Brexit to Impact U.S. Dollar
The UK's unprecedented exit from the European Union, or EU has many wondering if it affects those in the U.S.
CBS 58 was told by financial experts today it may affect you and the U.S. dollar.
"This is certainly a circumstance where people should pay attention but not panic," said David Spano, Annex Wealth Management President and CEO
Spano says the market drop was simply a quick reaction to the unexpected vote.
"People shouldn't confuse volatility with risk. Volatility is a natural part of the market and a lot of times the market reacts to information it does not have. So, this was news. This was a surprise, and that's the reason why the market reacted so violently this morning," said Spano.
The vote likely makes the U.S. dollar become stronger. That will be good for some people, but it will make it more expensive for U.S. companies to sell products overseas.
Although, it may take time before the vote affects you.
"And so there could be another ripple effect of other countries saying, 'If you're gonna let the UK and Britain out of the EU, will you let us out of the EU?' We may be talking about a frexit where France may want to exit. So, I don't think this goes away, I think this is going to be a topic for a significant time going forward... maybe as long as 2 years," said Spano.
Spano says you shouldn't move or worry about any of your money yet.
"I would say, tell everyone take a breath. Look for opportunities. Don't run out and try to time the market - because when you time the market you have to be not right once, you have to be right twice - when to get out and when to get back in," said Spano.