A portfolio created for a goal has one purpose: to meet the goal. Therefore, we need to balance risky assets that generally appreciate fast (like equity) and slow-growing assets that provide stability (like debt). The tool that is used to determine this mix of investments is risk profiling.
The calculator determines your risk taking willingness vs. risk taking ability and recommends an appropriate asset allocation for a specific goal. The approach is detailed in this post.
Here is the link: Click here