The profile assumes you never sell under pressure.
An emergency fund is what makes that assumption true. Without it, the questionnaire is measuring a person who does not exist.
02
Liquidity sets the floor on how aggressive you can be.
Six months of expenses in cash, health cover in place, high-interest debt cleared. Only then does the time-horizon question have an honest answer.
03
Cash is not a drag. It is the thing that keeps equity invested.
The buffer earns nothing and saves everything. It is what lets the long money stay long through the month that would otherwise force your hand.
The questionnaire asks how long you can leave the money alone. The honest answer is set by your savings account, not by how brave you feel on a green day.
Set the dial after the net is built. Take the risk profile.