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Ignore Brexit if you don't need your savings for five-10 years: Ric Edelman

Protect your 401(k)

The U.K.'s vote to exit the European Union created shockwaves through global markets and sent stocks spiraling downward. However, Ric Edelman advised individuals who don't need to access their savings for at least five to 10 years to ignore the Brexit.

"It's how soon are you going to use the money. In other words, if you're going to use the money in the next year or two, that shouldn't be invested in overseas stocks," Edelman told CNBC's "Power Lunch. " "But, if you're not going to touch the money for five years, 10 years, I think you can ignore this whole thing."

The CEO and chairman of Edelman Financial Services also suggested individual investors see the Brexit as an opportunity to take advantage of falling stock prices despite anxiety they may feel.

"If you're participating in your 401(k) as you should be, then keep on participating, and recognize that each contribution you make with every paycheck is going to buy in at the new lower price, if that's where it is," Edelman said. "As prices go down, you should be absolutely thrilled, because everything is on sale."

Edelman also recommended individuals stay away from investing in cash. He did, however, advocate rebalancing portfolios — through selling higher-priced assets and buying lower-priced ones — instead of panicking.

More generally, he advocated individuals look further down the road despite the nervousness they may feel about the steep fall stocks have taken over the past few days.

"Stay focused on your long-term goals," Edelman said. "There's always a crisis of the day."