Are you saving at least 30% of gross for your own retirement? Are you able to pay other obligations without taking on debt? Do you have all your debt paid off/a plan to pay it off (if low interest)?

Money is there to be used, as long as it is done responsibly. Some people with that income use it for fancy travel or a second home or a boat. If you want to use it to send a willing kid to boarding school and then college (so 8 year commitment), go for it.