By age 30, personal financial planning becomes, in many cases, necessary for long-term success. In their 20s, people are finding their way personally and professionally. Long nights at the office as "low man on the totem pole" can turn into a mid- or senior-level position and a well-established career track by the age of 30.
Likewise, the 20s lifestyle of living with friends and going out on weekends gives way to marriage, children and moving to the suburbs. By age 30 or 35, especially when children enter the picture, there is less discretionary time and money, so every dollar needs to count.
For individuals approaching 30 and beyond, here is a quick litmus test to see whether you have a handle on your financial situation. If you can't affirmatively answer these questions, your financial plan may need attention.