Net worth is a number. Liquidity is a condition.

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Confusing the two leads to false confidence.

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Liquidity is not about how much something is worth. It’s about when value can be accessed, under what constraints, and at what cost.

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Wealth that cannot be mobilized when timing matters is theoretical. It looks impressive on paper and irrelevant in practice.

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The real function of liquidity is not spending. It’s agency.

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Liquidity determines whether decisions are made from choice or necessity. Whether timing can be waited out or must be endured.

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Most financial stress does not come from loss. It comes from being forced to act at the wrong moment.

That pressure rarely shows up on a balance sheet.

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It shows up when optionality disappears.