So as a 20-year-old college student, I try to stay informed with world news, but I’m not particularly well versed in economic matters, and as a result, was confused by what ‘Brexit’ means for the U.S.

In case you’ve been living under a rock, or have been ignoring the 24-hour news cycle of all things ‘Brexit,’ the U.K. has decided to leave the European Union.

In a historical event, with only 52% of the vote, those hoping for Britain to leave the European Union won.

Fast Facts about ‘Brexit’:

It stands for British Exit…

They used a referendum to vote on this issue, which means the vote is opened up to the public.

The turnout for the referendum was 71%, which is higher than any other vote since the 1992 general election.

Scotland and Northern Ireland both supported staying in the EU, and are now trying to decide whether they can vote to re-enter, and in doing so, gain independence from the U.K.

The EU is the foundation of free trade between many countries, and therefore this decision will impact the economies of countries all over the world.

However, this impact will not happen today, tomorrow, or even a month from today.

It will take almost 2 years to invoke Article 50 of the Lisbon Treaty, which is the agreement needed for the U.K. to formally leave the EU.

The argument for leaving was that the EU was putting too many constraints on the U.K., and that the membership costs were high, and Britain wanted to regain control of their borders.

The Prime Minister is stepping down.

The vote was extremely close at 52.5% and 47.5%, which means that almost half of the United Kingdom population is not happy at the moment.

This might affect our economy in the long run, but there is no reason to panic today. If you keep following the news and the stock market, and make prudent financial decisions regarding whatever situation this causes, you should be good to go.