⁴⁹We define liquid financial assets as the sum of transaction accounts (deposits), CDs, bonds, stocks, and mutual funds. We take the same approach as before: we match the fraction of liquid financial assets held by the top $20$ , $40$ , $60$ , and $80$ percent of the population (in the SCF1998), while at the same time matching the aggregate liquid financial assets-to-income ratio (which is 3.9 in the SCF1998).