When I was teenager I had a dream of being retired by 40 (or at least, not need to work). Well that came and went. I also remember reading a statistic in my early 20's that went something like this, "If your goal is to be a multi-millionaire and you haven't' made it by 40, you probably never will". Not sure if I believe this one. It seems like you need capital before you can really gain wealth and it's hard to acquire a lot of capital when your young. But if your just measuring dollars in your bank account, then it probably holds true.

Looking at this holistically, from a Net Worth standpoint, one can absolutely be a paper millionaire (asset rich), even though it may not feel any different.

Average Net Worth: Ages 35 And Under
Building Wealth for the Future
Average Net Worth: $76,200
Median Net Worth: $11,000
Average salary: $56,400/year

Average Net Worth: Ages 35 to 44
Building Value Towards Future Prosperity
Average Net Worth: $288,700
Median Net Worth: $59,800
Average salary: $97,100/year

Average Net Worth: Ages 45 to 54
Increased Focus on Wealth Before Retirement
Average Net Worth: $727,500
Median Net Worth: $ 124,200
Average salary: $131,400/year

Average Net Worth: Ages 55 to 64
Sunset on a Career
Average Net Worth: $1,167,400
Median Net Worth: $187,300
Average salary: $141,300/year

Average Net Worth: Ages 65 to 74
The Golden Years
Average Net Worth: $1,066,000
Median Net Worth: $224,100
Average salary: $106,000/year

Average Net Worth: Ages 75+
Creating a Legacy
Average Net Worth: $1,067,000
Median Net Worth: $264,800
Average salary: $77,100/year