How do I decide between a stock-heavy and a more conservative allocation?

Three factors drive the decision: your time horizon, your risk capacity, and your risk tolerance. The longer until you need the money, the more stocks you can hold, because you have years to recover from inevitable downturns — money 20+ years out can sit at 80–100% stocks. Your risk capacity (job stability, other income, how soon you'll spend it) sets the financial ceiling, and your tolerance (whether you'd panic-sell in a 30% drop) sets the emotional one. Aim for the more cautious of the two. A practical test: imagine your portfolio falling 40% in a year — if you'd sell, you're too aggressive; if you'd keep contributing, you can handle the stock weight. Picking an allocation you can actually hold through a crash matters more than squeezing out the last bit of expected return. Check your profile at wealthserene.com/assessments/investor-profile.