Managing individual investor portfolios

Is that always true that the level of wealth dominate age? Because from Schweser note (Book1 P234), it states that even a young unwealthy/Properous investor should be “conversative” in their investment, which really confused me. Also regarding the portfolio size. For individul investor, if they perceives their portfolio to be large, and the portfolio represents a substantial asset in the family all portfolio. They can usually take an above-average risk. But it me, it’s like if you are bringing $100 to casino, you can be aggressive because you can afford to lose all. If you bring $1mil, which is a big portfolio of my whole asset, I should be conservative. Am I thinking of something which is counter-intuitive? Can anyone shed some light on this? Many thanks!

The term “large” or “small” is relative to the return objective that your client need. For exmaple, if your client need $50K to live on. You have a $100K port. to work with, the return requirement is 50%; but if your client has $2 million and only need $50K as income, your return requirement is only 2.5%. So, the large and small is relative to the return requirement.

thanks, ws!