I think it is all about balance. I was married before to a guy that make a great salary. I am a public school teacher so salary is not so "great."

We built a nice house, ate out all the time, and went on several trips a year. I was freaking miserable, however. I make the decision to make a go of it on my own even though I knew things would be MUCH tighter financially.
I met current dh shortly after my divorce, and we married a year later. He doesn't make as much money, our house is not as elaborate, and we don't vacation as much. Our needs are met and we have money for lots of the extras..... just not "as much" as I had before.
I am 100% happier now. I admit to being a bit materialistic. I COULD quit my job and stay home or work part time, but I was miss cable, eating out, being able to buy a Coach purse from time to time, pedicures, Disney,etc......All of the things we would have to give up for me to stay home. I would not be happy. I know lots of parents that choose that route... I think that is great. It is just not for me.
On the other hand, I could make a lot more money by finding a job outside of teaching, but I would miss my time off with the boys too much. The money would not make up for not seeing them as much. More money in that case, would definitely = less happy.