If most of your net worth is tied up in illiquid assets, can you be “wealthy” but still financially fragile? How much liquidity should someone maintain when their income is also unstable?

You can look wealthy on paper but still feel financially shaky, so if income not stable, keeping around 6–12 months of expenses in liquid cash is quite a sensible buffer.

Hmmm, I do think many Singaporeans are asset rich but liquid-money poor. Their assets are locked in properties, cars, investments, collections, etc.

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Which is why, emergency fund is essential to serve as the liquid fund when they need it.

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Ideally emergency fund should cover six months salary/expenses, depending on your preference.

Elon musk is example

Yes, liquidity is important in case of an emergency eg. health problems