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Comment by toomuchtodo | Hacker News Reader

12 months. 6 months is not enough in an extended recession.

Disclaimer: 2008 GFC experience (company folded, had to walk away from primary residence, etc, took 8+ months to find another job while burning through mortgage payments, medical/living expenses). Experience described in this comment and those below are so others can make more informed decisions than I did.

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Biggest thing is to reduce spending. The closer to zero you can get on spending, the longer you can survive.

I dont live in a place where I can afford a home, and Im actually seeing that as an advantage at this point- my investments are relatively liquid compared to a house, especially in a depressed/shocked market. It's not an asset until its sold- no mortgage, no problem.

Not paying for my mother's prescriptions and medical care she needed to survive wasn't an option. I had to pick between the house and her care, and the house went. No regrets about the decision.

Right perspective. You did the right thing even when it was financially painful. Props to you.

Thanks, I really appreciate that.

Ah, I'm Canadian so having to sacrifice everything for loved ones health-care didn't occur to me. That'd be a horrible position to be put in.

If the assets are liquid enough, 6 months may be enough to sell them.

My money market fund withdrawals were halted temporarily when the NAV broke the buck. I have 1 month cash on hand in a safe, the rest of it is in an FDIC high yield savings account I have access to immediately with a debit card.

Liquidity is a sliding scale when the economy is melting down. Fool me once.

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