With economic uncertainty and layoffs in a number of sectors, many people want to know how much personal cash they should have on hand. While a general rule of thumb is to have enough cash to cover expenses for about six months, accounting and finance expert Dr. S. Cathy McCrary says a number of factors can impact the amount of cash that one should have available.
McCrary
McCrary, an accounting professor at Georgia Gwinnett College, says an emergency fund of three- to six- months’ worth of expenses might work well in a two-income household where the wage earners work in diversified industries.
“For example, if one is employed in the tech industry, while the other works in healthcare, then there may be less of a chance for both wage earners to be out of work at the same time,” McCrary explains. “However, if both work in tech, layoffs at one tech company might signal imminent layoffs for other tech firms.”
For single wage earners, McCrary recommends an emergency cushion of eight months’ worth of expenses. Those who work in commission-based jobs may want to plan on an emergency fund that covers eight to 12 months’ worth of expenses.
Along with single-wage earners, McCrary says it makes sense to bolster your emergency fund in the following situations:
- an expected birth or adoption;
- a chronically or terminally ill family member ;
- a moderate to high level of debt (from title loans, payday loans, credit cards, auto loans, personal loans, student loans, mortgages, home equity lines of credit, etc.); and
- an impending economic recession, uncertain job outlook, high interest rates, etc.
For workers nearing retirement, McCrary says the percentage of cash in their retirement nest eggs should gradually increase to protect it from market volatility.
“Once workers transition to full retirement when a regular paycheck is no longer coming in, their retirement savings balance must be protected by increasing the percentage that is held in cash, instead of securities, she says “Thus, it might be helpful to keep their emergency fund separate from overall cash savings.”
Dr. S. Cathy McCrary is a certified public accountant with experience in the private and public sectors. McCrary joined Georgia Gwinnett College in 2017 as an assistant professor of accounting. McCrary is currently completing her term as president of the Georgia Association of Accounting Educators
Gwinnett Tech students win National SkillsUSA awards
Gwinnett Tech students had an impressive showing at the National SkillsUSA, Post-Secondary State Leadership and Skills Conference recently in Atlanta, of 17 of 20 Gwinnett Tech students placing, with 13 earning gold medals.
The Gwinnett Tech 2023 national Skill Point award winners were:
Gold Medalists:
- Elcie Julmis, Medical Terminology;
- Raquel Kangalee, Prepared Speech;
- Letisha Smith, Health Occupations Professional Portfolio;
- Deborah Paulaukaitis, Keturah Polius-Hazell, Nishi Sotkovsky and Moneice Watson, Health Knowledge Bowl; and
- Olugbenga Bakare, Lily Lieng, Jeff Miles, Samuel Price, Adriana Teodoro won in Quiz Bowl.
Silver Medalists:
- Eric Nims and Elizabeth Sheba, Web Design and Development.
Bronze Medalists:
- Shagufta Khan, Job Interview; and
- Anh Do, Technical Computer Applications.
Helping Ukraine accelerates effort with medical supplies
Since the founding of HelpingUkraine.us in June, 2022, the organization has accelerated its activity supplying medical supplies. It has also amassed huge grassroots efforts to supply citizens in small villages along the war front with life’s necessities, just to keep going.
The team based in the Odesa People’s Church serves 50 villages and has been prepared to move in as the Ukrainian Army takes back areas along the war front. Possibly this will happen quickly if the instability in Russia continues.
Helping, as the name implies, individuals living in these small villages devastated by the war means efforts to raise funds and awareness have never been more important. The relationships with the Ukrainian community here in Atlanta make the work one of passion and friendship.
When Emory Morsberger left for Ukraine on June 6, 2022, he was carrying delicate surgical tools funded by Rotary Clubs in the Atlanta area.
Through Rotary in Atlanta and throughout Ukraine, efforts have resulted in the donation of more than $4 million in medical supplies. This includes ProgenaCare Global based in Atlanta, who delivered $3 million of wound care along with Phase One in March of this year.
The HelpingUkraine.us community has grown to more than 350 individuals who have made contributions over the last year. The program now reaches out once again in this historic moment as increased hope for victory shifts in Ukraine and they execute a more aggressive counter offensive.
- Much-needed donations can be made by going to the website HelpingUkraine.us.
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