And the problem comes when you have to cut back all that, you need a job that can support that lifestyle. I believe the best thing you can do if you have a fat paycheck is to exactly take the opposite approach: keep living simply, save as much as you can, yes give yourself a treat from time to time, but essentially keep an average lifestyle.
The day you need to go elsewhere and you find out that you are against the wall because you need that much money and you can't find a similar income is when you're basically screwed.