The updated version should be to have 2 years net income on hand for a rainy day.

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For people for whom that's feasible, that's not a bad idea at all. Unfortunately, saving up two months of income and stashing it in an inactive checking account or a savings account isn't too wild -- building that up to the point where it is two years of income takes a bit more time. The soundest advice may be to have as big as feasibly possible rainy day fund. There's may not be a specific reason to stop contributing unless it does... become rainy?