When we think about what it means to be wealthy, our minds can go in a variety of directions. For some, earning $100,000 a year might be enough to propel oneself into the "rich" category. For others, you'd need to double or triple that figure. And while there's no single, clear-cut definition of wealth in America, the general consensus seems to be that you'll need to amass $2.4 million in order to get there. At least, that's the latest from a recent Schwab study, which also defined being wealthy as getting to enjoy life and having the ability to afford whatever you want.

Of course, you may or may not agree with that assessment. But what you are probably wondering is whether you'll ever reach the point where you get to call yourself wealthy by Americans' standards. And I'm here to tell you that amassing $2.4 million is actually easier than you might assume.

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Is $2.4 million within your reach?

Let's be clear about one thing: Unless you win the lottery or come into a major inheritance, you're not going to find yourself $2.4 million richer overnight. On the other hand, if you're willing to save consistently throughout your career, and invest your savings wisely, you stand a solid chance of retiring with that much money or more.

First, the savings part. If you have access to a 401(k), which most working Americans do, you're in luck, because these plans offer an extremely generous annual contribution limit. Come 2018, you'll get to sock away up to $18,500 a year if you're under 50, or $24,500 a year if you're 50 or older. And while you could choose to save in a traditional brokerage account instead, thus negating the need to worry about annual limits, doing so doesn't offer the same tax advantages, such as tax-free contributions and tax-deferred growth on investments.

So let's talk about growth, because while saving a healthy portion of your income is part of what'll get you to millionaire status, investing it wisely is just as important. When you put money into a retirement account, the last thing you want to do is let it sit in cash earning minimal interest. Rather, you should be investing that money, and ideally in stocks, to grow it into a larger sum over time. It's a concept known as compounding, and it's what allows you to turn a series of modest contributions into what could be several million dollars down the line.

That's right -- you don't actually need to max out your 401(k) every year of your career to retire a millionaire. If you start saving consistently from a young age, and generate strong returns on your investments, you don't even have to get particularly close.