Apparently Charles Schwab just cut commissions to zero, which was always going to happen but feels plausibly sped up by RobinHood. (If you don’t understand why they could do that, c.f. https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ … )
If I were advising someone smart and disciplined about their allocation, I’d probably say “More cash than me; far less than the conventional wisdom of e.g. 6 months expenses.”
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I waffle on this constantly, but have settled on "3 months expenses with no change in behavior save loss of income that could be stretched to 6 months with behavior change + minimal income (eg. part time Uber driver)"
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That feels like a reasonably good thing given relatively typical liquidity of labor and risk tolerances among tech professionals, FWIW.
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