The busiest volume in over five years! The British pound tumbled to near $1.32, its lowest level since 1985, before bouncing back to a loss of 8 percent at $1.3678.

The five percent drop in the United States Stock Market following Brexit was the worst in 10 months. Wall Street (and your retirement plan) are now -0.5 percent.

And our financial markets now have a lot to digest.

Britain’s decision to leave the European Union (E.U.) has started a trickledown effect that will leave a gaping hole in many areas of its united armor. If Switzerland, Spain, Ireland, just to name a few, continue to talk secession, then politically, you will be looking at the evolution of a new government. That, sadly by law, will take at least two years to work out.

Article 50, as it is known, says that Britain has two years to figure out the many apparatuses that will constitute their new government and country. Since the E.U. was all about free trade and open barriers, it will now take the second largest European economy at least two years to restructure

If you have a hard time seeing this, imagine New York and California state secede from the U.S. Now, at first glance, you might say, “So what? That’s only five percent of the US.” But the economy of both of these states constitute over 20 percent of growth to our U.S. economy.

So politics aside, what will be the dramatic effects on your money? Several:

* Have a 401 k plan?- it might be going down.
* Thinking of getting that mortgage? Hurry, credit prices are rising!
*Have a credit card? Interest rates could be going up.
*You can buy more foreign goods because your dollar is worth more, which means U.S. jobs will be in peril.

So, politics aside, should we economically care about the E.U.’s upcoming votes and call our financial advisor to make some new decisions in the direction of your money? Darn right!

Anthony Rivieccio is the founder & the CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving financial problems. Anthony, a recognized financial expert since 1986, has been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet, The Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News and The Bronx Chronicle.