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Yeah, I'm pretty high-risk myself, but I also think there's something to be said for the whole "quit the game once you've won it" philosophy (which is why my example progressively dials down the risk). I'm far from a millionaire myself, but as a Mustachian, I don't know what difference having a million, vs. two or three million, would have on my daily life if I maintain a 30k/year lifestyle. But to each his/her own!
Edit: my daydream FIRE number is around 500k, so actually up to that point I'd still have a pretty aggressive (i.e., 70/30) allocation. After that point, I'd rather just play it safe. Game over.
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Yeah, I'm also more risk tolerant, but I see that declining once my NW increases beyond $500k, $1m, etc.
At that point, I'd be satisfied with selling of $250k in assets to buy a rental property in cash and start generating $10k in rental income. Even if a recession hits, rent won't decline significantly, though if the market surges forward, the rent won't increase necessarily either. However, a small token is that I can reinvest the $10k however I want... perhaps back into the market.
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I think it's important to look at all your assets, not just the ones in your stock portfolio, to ascertain whether or not you are diverse enough. I have the vast majority of my net worth in rental real estate. As I ponder buying another one, I think to myself-- "If I buy this property for 100K and make (roughly) 1000 a month, I'll be 12K richer every year, year in year out." I can then use that steady income to invest in the stock market, and still have the real estate investment. Plus, I'm even more diversified, because now I have stocks, real estate and rental income.