It takes time to build wealth.  Starting a retirement plan when you’re young allows your investments to grow. There’s no better time to start than now.

Women have different financial needs than men.  In your 20s and 30s, you likely have more disposable income and lesser financial obligations than you will later in life.  It can be less challenging to build wealth and plan for retirement if you take the proper steps to get started.  Here are five tips you can use to build wealth as a young woman:

1. Save at least 10 percent of your income from each paycheck.

Try to save at least 10 percent of your income in a tax-advantaged retirement account, such as a 401(k) plan.  Even if you’re self-employed, you can set up a solo 401(k) plan or Simplified Employee Pension (SEP-IRA).  These types of accounts provide tax breaks for your contributions.  After your first year of saving, aim to raise your contribution amount by one percent each year until you reach 20 percent of your income or more.

2. Create a “Savings Mentality”

Consider building a monthly budget that factors in your essential living costs, such as rent or mortgage, food, and entertainment, along with an allowance for unexpected expenses.  It also helps to consider opening a separate bank account that holds at least three months’ worth of savings in case of an emergency, such as job loss or long-term illness.  An easy way to implement this is by making automatic deposits to your emergency account.

3. Risk Tolerance

Investing in stocks, equities-based Exchange Traded Funds (ETFs), and mutual funds may have a long-term increase in return, even though there is some risk of fluctuation in value.  Many investors who have a high risk tolerance also consider alternative types of investments, such as real estate or private equity, both of which have valuation and liquidity risk that might be lessened, depending on the type of investment.

4. Consider a Roth Retirement Plan

Roth IRA or Roth 401(k) accounts can be especially beneficial to young adults.  While you won’t receive tax deductions on your contributions, you won’t have to pay taxes on withdrawals in the future as long as you meet IRS guidelines.

5. Consult with a Professional Advisor

Having an experienced financial advisor when you’re just starting to accumulate savings can be beneficial to building your wealth.  Your private financial advisor can be your go-to source for information and financial and tax advice regarding buying a home or property, saving for a major purchase, or starting a family.  A wealth advisor can help you determine an appropriate asset allocation strategy based on your personal goals and risk tolerance.  Goals are likely to change as you get older, but it’s good to have a basic plan in place that is simple to modify as your priorities change.