Q: is it valid/prudent to say I don’t need the USD for 2 years, so I can put it into relatively long-term instruments?
A: no no no if disaster strikes I would have to tap into my USD savings.

Q: is there any instrument that is sure to be “above water” within 2 years? Note all equity instruments and most bond instruments can go under for 2 years.

=====minimum USD liquid cash? 70k i.e. Zofia’s share, or 40k
For converting to SGD
For emergency fund
For Saxo contingency

=====total keep in Saxo? 20k, to be reduced to 0
The more long-dated obligations, the more margin required

=====Total bond allocation including HY? 80k
====Total HY allocation? 30 ->60 – 100k
Monthly income depends on this. Let’s pick 5 – 10 bond funds. Start each with the minimum amount. Once we feel comfortable, we can put 10k into one of them.
==US HY?
==global HY?

=====Total Equity allocation including ETF? 30k? See letter to Simin
==ETF allocation? Start at 10k, but not more than 20k