Liquidity how quickly money can be spent at full value. An emergency fund trades return for maximum liquidity. Where it's taught The Emergency FundBank Accounts: Where Your Cash Should Actually Sit Try it with a calculator Emergency Fund CalculatorBank Accounts Calculator Appears in 4 other lessons Diversification: The Closest Thing to a Free LunchFutures & Leverage: Controlling a Lot With a LittleCrypto & DeFi: The Hidden Cost of Being the BankBehavioral Finance: Why We Sell at the Bottom Related terms High-yield savings account (HYSA)Certificate of deposit (CD)Early-withdrawal penaltyEmergency fundEssentialsFDIC insuranceRunway