I work as a contractor in energy/oil & gas, so my employment is always volatile. Because of that, since finding MMM and being able to save more, I’ve been fortunate to keep a good sized emergency fund. We’ve taken two, 4 month sabbaticals in the last 4 years, thanks to being prepared.
Since our investments are about 95% stocks (almost all VTSAX and also a target retirement fund) we also kept our emergency fund large for the padding and also to replace our lack of investment in bonds.
That being said, when this downturn hit a couple months ago, we were at $120k in our emergency fund. Then right before things got worse we traded in our 21 year old Camry for a new Corolla. Then we dumped a bunch of our emergency fund into the market (a bit prematurely, but oh well).
Now we’re down to $70k in our emergency fund. This is fine, it can float us around 15 months or so if needed. We’re still investing heavily while I’m working and while the markets low, but also padding up our emergency fund back up a bit, just in case. I’m “supposed” to be employed for about 15 months, but much of that is a new project that does seem a little rocky after everything that has happened lately.
If we can make the next 15 months, we can be on coast FI and I can leave my industry, find a job I’m passionate enough to make ends meet, then be FIRE’d by my early 40’s. If I can keep working in my industry after this, great, but I’ll be good regardless.