That’s a proverb of engligh, “waking in high cotton” means someone who is living in complacent state and feel very well about his career, his living status. In shorter words, someone who is living very well.
So there must be such people around you, are they deserve to get all those they have, all they are just lost in self prideness. I’d rather see “walking in high cotton” as a confidence about oneself, a lifting spirit that may helps you doing well. So it’s a good mind.
Someone are seem to waking in high cotton, like those bright celebrities there, who are always glamorous and shining, but haven’t we often heard of them comit suicide or have a finantial broken.
I was not walking in high cotton in a strict sence. I have too many things to worry about, but, cherish today and living it well is what we gotta do, right 
