Well, maxing out your 40l(k) is a great first step — especially if you get a matching contribution from your employer! Then look at the investment choices inside the plan very carefully. That’s where you can diversify your risk based on your own risk tolerance.
And, yes, it’s always wise to have some “cash” on the side — money in a bank money market deposit account. The4 rates are low, but you won’t lose a penny. And it might help you buy a bargain if someone else is selling something in a crisis.
I have nothing against real estate3 — especially income-producing properties. But understand the tax ramifications — and be aware that in a big recession you might have to evict a tenant who has lost a job and can’t pay the rent. That’s what has always stopped me from significant investment sin rental real estate — I just wouldn’t have the heart for that!
And I’ve never felt that having a lot of money in diversified investments is “boring”! On the other hand, I find it “empowering”!