William Harnisch attended Baruch College of the City University of New York and earned a BBA. Actively involved in philanthropy, he manages the William F. Harnisch Foundation and is a Baruch College Fund board member. A successful chief investment strategist and asset manager, William Harnisch has managed and allocated assets worth billions. 

Asset allocation seeks to balance risk with reward. The asset allocation journey differs from one investor to the next, and it's possible to divide it into different career stages.

In the initial career phase, it's crucial to achieve financial self-sufficiency. Some investors might need to clear debts and build solid financial standings and budgets before making extremely risky moves.

During the middle career phase, some investors must strike an equilibrium between fostering career advancement and life growth. For example, some individuals face the increased responsibilities of growing a family, rising expenses, and higher income. 

In the later years, it's time to start planning for retirement. Exposing oneself and their savings to extreme risk is not the most prudent strategy for many investors. Instead, consider mitigating potential losses, such as exploring bonds and various fixed-income assets. Also, explore liquid investments that provide flexibility.