> Liquidity has value. Keeping say 10-20k in a checking account seems really dumb, but if that let's you avoid bank over draft fees and credit card interest that savings can easily keep up with inflation.

Or a Roth IRA for which th e contributions can be withdrawn tax-free and penalty-free at any time.

Even then it still takes time, effort, and involves risks around both system issues and market crashes etc.

Saying with more effort I can do X and get Y always has the cost of that effort.

If you just invest that money in a good brokerage, you should easily be able to take it out as a margin loan when necessary.

Hint, huge market downturns wiping out your stocks account correlate with times people suddenly need access to free cash.

Definitely agree :)

By large sums, I was mostly thinking 100k+