Im sorry, I might’ve been a bit harsh.

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You’re right, having emergency savings is very important.

On another note, it can be risky to have all of your emergency savings in stocks.

In the same way how one can lose their job in a recession, your (savings) investments can shrink or even cease to exist. That’s double trouble. Triple if you count the debts too.

Then you still have debt, less savings and reduced/no income. The debt will not wait for the recession to be over; month by month, it piles back on. Snowballing if you will.

If you pay off your debts, you can guarantee that you’re no longer losing more money to interest. Each month, the money you would’ve paid towards your loan & interest, can go to savings. You can’t guarantee that you’ll make money in investments.