This study, by developing a life-cycle model, numerically computes the optimal portfolio allocation of a parent with endogenous human-capital production of the offspring in an environment of correlated labour and stock market returns. The study explores the competing challenges of consumption, retirement savings and educational investments faced by an altruistic parent in a two-generation, multi-time period life-cycle setup. The problem is solved using dynamic programming where life-cycle profiles are generated using simulations. Consistent with empirical literature, results show shift towards bonds even in the early periods due to presence of an offspring. Portfolio allocation graph is double humped, reflecting the differential risk appetite of a parent with a dependent offspring as opposed to the same parent with an adult offspring. Presence of pension savings alters the profile to triple hump indicating higher risk appetite post retirement owing to pension annuities. Higher access to human-capital investment options is found to shift the portfolio allocation towards stock in the early periods, thus acting as a counter-weight to shift towards bonds. The study contributes by integrating the literatures on portfolio choice and human-capital.