It depends on what motivates you I suppose.
I can earn far more in a different career, or even in a different company, but I choose the freedom of having a flexible schedule that allows me to pursue other areas in life.
I don't even understand your point about having a life and equating it to having more money.
I think he is getting at the point do you work to live or live to work? I love to work but I don't live to work. I know I will work the rest of my life because I'm a worker but I work where I work so my life away from work can be what I want it to be. My work supports my life, for some people their life supports their work.
For example my roommate in college, his sister and her husband drove every day from London, Ontario to Toronto, Ontario, I think its something like a 2 hour drive with no traffic, he said many days its around 3 hours each way because of traffic. 6 hours in the car + min 8 hours at work, 14 hours every day, these people their life supports their work. I can't imagine spending 14 hours per day dedicated towards work is a great quality of life.
I could take a lower paying less stressful job but I wouldn't have the lifestyle that I have if I did that. I like having a great side by side, I like having a pool table, I like having a tractor, I like having a property with acres upon acres between me and my neighbor, we have 4 cars and 2 people who drive, I have an oversized 5 car garage I like that, I like having all this stuff, I couldn't do that if I had a lower paying job. When I shut my business laptop down for the day, I disappear in my stuff and it gives me a huge amount of pride and satisfaction.
BTW you can find flexibility in a job that pays well if you find the right company, I have that and I love it, but at the same time when my company needs me I'm there, I'm on call 24.7.365. When I tell my boss, hey I'm going to the soup kitchen to volunteer my time, he knows for that day, don't call me. He supports my lifestyle and I support my company no questions asked.