Individuals in the consolidation phase are typically past the mid- point of their careers, have paid off much or all of their outstanding debts, and perhaps have paid, or have the assets to pay, their children’s college bills. Earnings exceed expenses, so the excess can be invested to provide for future retirement or estate planning needs. The typical investment horizon for this phase is still long (20 to 30 years), so moderately high risk investments are attractive. At the same time, because individuals in this phase are concerned about capital preservation, they do not want to take very large risks that may put their current nest egg in jeopardy.