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Post-Brexit Financial Tips

The Brits have turned their backs on Europe once again! These tips will help you keep calm in the face of Brexit and succeed in balancing your finances.

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1. Review Your Current Asset Allocation

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Don't make any investments or changes in your portfolio just yet! However, you do want to have a clue and some idea on where your money is invested, what is your current risk tolerance, and what are your financial investment goals. Reviewing your current asset allocation and finding out where your money is currently invested is a wise thing to do first.

2. Invest For Retirement

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Investing early for retirement usually means maintaining a long-term, low cost, and low risk profile, which is wisest for overcoming unexpected financial crisis. Or, you can get creative by using alternative investment strategies that guarantee market protection and high return potential. Let's face it, unexpected financial hardships are part of everyone's future.... having at least one low risk portfolio is crucial to keep your losses to a minimum and still having a safety net you can bounce back from after the next big financial crises arrives.

3. Get Perspective

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Journalists, financial advisors, fanatics and activists alike are prophesizing all sorts of outrageous things that are doomed to follow Brexit, including Armageddon and severe climate change. The news is buzzing with 24/7 updates on the stock market and every tick of the dow is being over analyzed. It's enough to make even the calmest person anxious. But anxious people make before you do anything, click away from the TV and turn off your facebook and twitter. Read about financial history in the 20th and 21rst century to find out how the market always bounced back, even after it’s greatest lows.

4. Keep Calm and Don't listen to the Public Rhetoric

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Shockingly, Brexit didn't bring about the end of the world. Major stock market averages have bounced back, bond yields are dropping, and even currency markets have settled down. People are buying aggressively, not only stocks or bonds. It's easy to lose yourself in the public rhetoric that spreads fear and panic, but a reality check on what's going on in the market proves that Brexit isn't going to be a major financial hit like it was initially thought to be.

5. Control What You Can Control

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Ultimately it's up to you to keep your money organized and secure, and your actions and choices will usually be the ones to determine your financial future, more so than political events happening in London or Washington. Your focus should be to save as much as you can, keep your career skills up to date and keep your expenses lower than your income so you aren't in debt. If you are investing in the stock market, be prepared to accept some volatility and check how much you can afford to lose when creating your portfolio.

6. The Irish Revenge

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Hey, if worst comes to worst and taxes imposed on UK citizens start to rise heavily amidst other economic hardships, try checking your genealogy for an Irish ancestor. If you have a tint of that Irish luck in your blood, you can apply for a EU citizenship and get back in the union all by yourself.