The Golden Ratio of Finance, and How It Works

There’s no shortage of budgeting and spending rules when it comes to personal finance. One says you shouldn’t spend more than 30% of your monthly income on housing. Another says to always save 10% of your income. Don’t take more than 4% out of your retirement nest egg. And then there’s the golden ratio budget. Here’s why Morningstar says you should consider this strategy. A financial advisor can help you create a financial plan for your needs and goals. This budgeting approach breaks down your monthly s ...