If you’re in your 30s, the workforce and economy look very different today than it did for your parents.

Despite today’s challenges, financial opportunities abound — especially with a head start. With a little guidance and consistency, it’s possible to begin retirement planning in your 30s so you can bid farewell to your career at a much earlier age than you thought possible. Here are some wealth-building tips that can lay the foundation for early retirement.

Buying affordable real estate

Given the state of the housing market, it can be tough to come under budget when you purchase a home.

Generally, homeowners will want to budget no more than 30% of their income on housing expenses. If you and your family can meet this threshold, then you will be in much better financial shape.

Affordable housing increases your ability to cover your other financial obligations and expands your financial flexibility so you can better save.

Owning modest vehicle

In a world increasingly driven by electric cars, there’s a growing temptation to buy luxury. The good news is there are other affordable vehicles in all categories, including EV.

Owning a modestly price vehicle lets you allocate a bigger chunk of your budget toward savings instead of an expensive car lease or loan.

Car depreciation is another factor to consider. Once that shiny car is driven off the lot, a lot of value is shed.

Vacationing on the cheap

If you love to travel, then you probably know that there’s always a great deal to be found. This approach should be taken with every vacation you plan. It’ll save some extra bucks and pay off big time.

You work hard and deserve a resort-style getaway from time to time. But if you want your money to work hard for you, it’s important to create a reasonable budget that saves you money on your travels.

Buying stocks

Investing in stocks is easier than ever with apps like Robinhood.

Even so, many people are intimidated by the nature of stock investments and how volatile the market can get.

The reality is that investing in the stock market is a savvy way to build wealth for the long run and retirement. Over time, your constant contributions to a well-balanced stock portfolio can generate lucrative returns, especially if you’re patient.

Transforming your future mortgage

Down the road, after you spent decades building smart financial habits, there’s another way to boost retirement savings instantly.

At this point of your life, when you’re over the age of 62, you can earn true financial flexibility with a home equity conversion mortgage. This type of loan transforms one of your most powerful financial assets.

A conversion mortgage eliminates monthly payments and boosts retirement income without having to move or sell. This is a once-in-a-lifetime opportunity to earn immediate wealth and live out the retirement life you’ve always dreamed about.

*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax deductible until the borrower makes partial or full repayment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.