There are four levels of wealth.

When you're broke, every day is a struggle, because not having enough money creates a cascade of problems. Overdrafts, fees and fines, juggling different kinds of trouble. Don't pay this, you'll owe a fine, but don't pay this and you get evicted. I've been broke. It sucks.

When you're a bit better off, these problems go away and this stress -- which is a huge part of daily life when you're broke -- disappears. Phew!

When you're even better off, you can pay for convenience and neutralize your own screw-ups. You sent the check late, but your kid's not getting kicked out of preschool because you can afford the $200 late fee. You missed the flight, but another ticket won't break the bank.

When you're flat-out rich, you can afford not to think about any of these things, and devote time to feeling aggrieved about your tax rate.

That's where $400,000 a year puts you. I've lived in New York. If you make $400,000 a year in New York, you're not upper-middle-class fancy. You're flat-out rich. https://twitter.com/robtfrank/status/1313512530183106565