Depends. My current job is cushy but very badly paid.
By cushy I mean they have flexi time and let me work 100% from home even though the office is less than 10 miles away. The boss is not pushy about deadlines and the work is not challenging.
By badly paid I mean I make about half of what I should be at my level of skill and experience.
I live in a small town. I could move to a big city and get more money, but I think my happiness level would drop. I really like it here. Life is good.
Of course, at least once a week I start getting paranoid and thinking that the company will eventually go under (we've had a few rough patches) and I'll have to move. And then I'll have spent 10+ years being underpaid with nothing to show for it, and it won't look good to a potential new employer. I worry that I'll be too old to be employable. That I should move now for my families sake. But then, I wonder how many successful well paid programmers look back over a career and think "well, I'm glad I spent less time with my family, because now I have all that extra money"
As for the work, as I said, it's not challenging. I've been tinkering with computers since I was a child, and its been a natural career path for me. I really don't think I could have been anything else, it was always going to be code. There are moments when I think I'm wasting my life standing in front of a monitor for 8 hours a day, but there are worse jobs, and I have to put food on the table. And that's really a complaint about society in general, not an issue with my particular choices.
I code outside of work hours, making apps and web-services mostly for my own use. I've never been very good at making money off any of them, but that's not really the point. I do it because it's who I am. My worst nightmare (sad but true) is coming down with some kind of a medical condition that would prevent me from typing or looking at screens. It would kill me.