A common rule of thumb is to keep 3 to 6 months of expenses in a cash reserve account. But rather than blindly follow that, I'd encourage you to instead think about your particular situation:
your spending needs (including any known upcoming major expenses)
stability of job (stable employee or risky self-employed)
liquidity of investments you already have
a "standby" Home Equity Line of Credit
resources of a spouse or significant other
job stability of spouse or significant other
Then tailor your cash reserve to how much you actually need...which, in turn, will tell you what you can then invest.
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