Thanks for your feedback, Eunice.

Yes, goals-based investing also require for a risk/return framework. I am trying to tackle it by grouping goals into various risk/return buckets. So there are essentials, for which a low risk/return is fine. The long term goals can be invested in diversified equities. The aspirational goals have to be concentrated bets, hence high risk/return. The trick is to figure if and how to determine asset allocation.