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Doesn’t this go back to the fact the market goes up more often than it goes down, so an emergency fund just costs you money in the long run?

This falls in with other stuff like whether to invest a windfall all at once or spread it out. Or keep several years of expenses in cash instead of the market to cover the early years of retirement.

Different people have different risk tolerance. I’ve never had an emergency fund. Worst case I would sell my taxable account. Now getting closer to retirement I’m getting more conservative.

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