These 3 Moves in Your 30s Could Make You a Millionaire by Your 60s

By the time your 30s roll around, you'll hopefully be in a reasonably solid place financially. This doesn't mean you won't have mounting bills and childcare expenses to grapple with. But, ideally, you'll be earning a decent wage thanks to your decade of work experience, and you'll maybe have some money in the bank for a rainy day. 

In fact, your 30s are a great time to set out on the path to becoming a millionaire. Here are three moves to make during that pivotal decade of life to reach that goal.

1. Pay off lingering debts

You don't need to push yourself to pay off your mortgage during your 30s, and it's even okay to repay an auto loan on schedule (as opposed to sooner) because a car is a necessity. But one thing you really don't want to do is continue paying interest on costly debts like credit card balances. The longer you continue to do so, the more money you'll waste -- and the less you'll have to save and invest.

Take a look at your current debts, and aim to pay off credit cards and any high-interest loans you're carrying during your 30s. That way, you'll be able to work toward your goals without being held back.

2. Automate retirement plan contributions

Your 30s are a good time to start funding an IRA consistently. And if you're worried you're not disciplined enough to set aside money for retirement savings, then put the process on autopilot.

Many IRAs will allow you to set up an automatic transfer so that money hits your account on a regular basis. That way, you can rest assured you're funding that account, and you won't have to worry about things like impulse buys getting in the way of your long-term goals.

3. Invest money in stocks

Some people are hesitant to put their money into the stock market due to the risks involved. When you buy stocks, there's always a chance of losing money -- there's no getting around that. 

However, you should know that over the past 50 years, the stock market, as measured by the performance of the S&P 500 index, has delivered an average annual return of 10% (before inflation). And that 10% accounts for years when the market was up as well as down. 

Meanwhile, let's say you start funding your IRA with $300 monthly contributions at age 31. If you do so until age 67, all the while generating an average annual 10% return in your account, you'll end up with a nest egg worth close to $1.1 million. Make it $500 a month in contributions, and you'll be looking at around $1.8 million after all's said and done. 

There are more than 5 million Americans who are considered millionaires, and it's fair to assume that many of those people did not reach that point until later in life. But if you make these important moves in your 30s, you can set yourself up to become a millionaire right in time for retirement.