[disneysteve]

Fern, I think you make a good point that often gets overlooked. An EF is not something that you would need to access all at once, but rather provide a source of funds over time. If I lost my job tomorrow, I wouldn't instantly need 6 months worth of living expenses. I would need that money gradually over the next 6 months. Of course, I would need some of it pretty quickly which is where the checking account and MMA come into play. My total non-retirement account investment portfolio is nearly $200,000 (including cash accounts). So if my unemployment continued, I could gradually liquidate some of my holdings to cover living expenses if necessary.