Separate willingness from capacity
Your comfort with market declines matters, but so does the financial ability to absorb them. A long timeline, stable income, and strong reserves may increase capacity; a near term withdrawal can reduce it.
Give every account a job
Money needed soon should not carry the same risk as assets intended for decades from now. Match each account to a goal, timeline, and expected use before choosing an allocation.
Revisit risk when life changes
Retirement, a home purchase, a business decision, inheritance, or a major change in income can alter the role of the portfolio. Rebalancing should reflect the plan, not only recent market performance.