Goals-based approaches are geared toward asset allocations for subportfolios, which help individuals or families achieve lifestyle and aspirational financial objectives. For example, goals could involve maintaining a current lifestyle or donating money to a university at some point in the future. In order to achieve the stated goals, it is necessary to specify the type of cash flows needed (e.g., even, uneven, or bullet payment), the time horizon(s), and the level of risk tolerance in terms of the probability of attaining a certain goal. Each sub-portfolio will have a unique asset allocation designed to meet the stated goals. Summing these asset allocati