Rayvt:

We typically think of our portfolio being just the brokerage & 401K accounts.
That should be 100% stocks, because stocks are the asset class that is going to grow. Bonds do not grow, at best they maintain their value. A substantial bond allocation in your portfolio is a huge drag on overall performance.
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Just because, over time, 100% stocks may grow faster than other mixtures, doesn't mean that you are constitutionally equipped to handle the roller-coaster ride.

I'm probably atypical here. Started with zip. Got married halfway through college (still with the same gal more than five decades later). Went to night school to get my degrees (EE and MBA). Started businesses which were symbiotic and grew nicely. Invested in stocks to about 30% of assets and then did some substantial currency trading (about 10% of net worth into Australia and about the same in Switzerland - all above board and taxes paid on everything). Timed a few major stock selloffs well and rebought at the troughs. Have generally held some bonds, but in relatively modest amounts - and mostly government inflation protected. Sold my businesses in 2011 and retired at 59 (surprising all of my friends and competitors who couldn't visualize how a workaholic like me could just turn of the switch). I never looked back and have resisted all temptations to open new businesses - and now we travel between 6 and 10 months a year.

Current assets break down to about 35% stocks (55% of which are in foreign companies), about 7% bonds (all are US/local government, more than half are inflation protected, about 1.5% precious metals and the rest is in cash or equivalents. While obviously subject to change without notice, assuming a Santa Claus rally, I expect to sell at least half of my US equity holdings and make believe I'm Warren Buffett (and try to by the dive).

While, other than traveling, we live pretty frugally, our balance sheet has generally grown at greater than the rate of inflation.

The major takeaways are:

1) There is a large leap that a business owner has to make between working for a living and running a business (which is an organic malleable entity).

2) Making saving a habit pays off big-time over your lifespan

3) Know your financial pain threshold and stay far away from that edge. Mixing emotions with investment is a bad financial decision.

4) Listen to others - they may have wonderful ideas. Not all ideas of even your brightest acquaintances are good ones - do your own due diligence.

5) If you can't explain a concept to your wife (whether it's credit default swaps or cryptocurrency or whatever), move on to something more easily understood.

6) If maximizing profits means increasing the risk, make sure you can handle the heat if things go into the weeds. Optimizing and maximizing are two different things.

7) Life should be fun - once it feels like you are working for a living, rather than playing an enjoyable game, it's probably time to think about doing something different.

Jeff