Ah Cyprus, you little island country in the Mediterranean. Why are you putting up such a fuss?
Not all headlines matter to your portfolio. To give you some perspective, the GDP of Cyprus is approximately $25 Billion. The GDP of North Dakota is about $37 Billion.
It is estimated that 50% of the deposits in the banks are from Russians. If you are Russian and/or you have money in Cyprus institutions, then yes, you may have some issues. If you are in a well-diversified portfolio with a long-term time frame, then this issue shouldn’t permanently impair your portfolio.
Focus on what you can control AND what matters. As Carl Richards points out, “that” crisis is rarely your crisis.
The information in this article is not intended to be tax and/or legal advice and should not be treated as such. You should consult with your tax advisor and/or attorney to discuss your personal situation before making any decisions.
Additionally, If you are looking for additional help, seek help from a CERTIFIED FINANCIAL PLANNER™ Professional that can look at your individual situation holistically