Dry Powder or NOT ?

To have, 'Dry Powder' - is simply having cash on hand in your money market position, for days where we have big dips and you can get what you want at a big 'discount'.

Up till now, I have not. I figured why let $2K sit in my mm acct only getting 3.2% (and going lower) when I can put it in a Dividend King and get 5 or 6 ? OR, put it in a BDC like ARCC or MAIN and get 9% and above ? Some prefer cc options positions for even more.

Then there's the emergency funds part, it's more often than not better than a hysa. (HYSAs) can have minimum balance requirements, monthly maintenance fees, and, less commonly now, fees for excessive withdrawals

What would/do you do, and why ?