[Fern]

The conventional wisdom out there is to stash at least 3 months' worth of money in an emergency fund money market or some sort of savings account that won't lose value.

However, if you have a sizeable sum of other taxable investments, not particularly earmarked for anything except retirement and to pay for the purchase of a new car when needed, then is it really necessary to keep the so-called emergency fund monies in a low-interest bearing money market?

Becus if i were laid off, i could still just cash out one of my taxable mutual funds as needed. So the special emergency fund would seem to be unnecessary in this kind of case, no?