Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

What emergencies could justify a highly liquid emergency fund?
You are not wrong - just about anything can be charged and paid off in 30 days with a sale of non-liquid investments.  So there are not any emergencies I can think of that require completely liquid funds (cash). For me, the risks are more behavioral than financial: I'm not saying it's a ridiculous, stupid idea, and these are all "what-if"s that can be countered with discipline and wise decisions, but having an emergency fund in cash certainly makes all of this simpler and reduces risk. If you have investments that you would have no hesitation liquidating to cover an emergency, then you can make it work.  For most people, the choice is either paying cash, or charging it without having investment funds to pay it off, and they're back in the cycle of paying minimum payments for months and drowning in debt.