Your example doesn't sound like the most typical scenario, at least in my experience.
I find the trade off is generally between working 50 hours a week in a demanding, high stress career that pays you well, versus working less hours in a less demanding environment for less pay.
It boils down to where you get greatest satisfaction from your life, career or outside career - and the tradeoff between the benefits that more money provides versus more opportunity to enjoy it.
Few of us have the opportunity for less working hours and more pay.
I prefer to think of it as career purchasing freedom. As I get later in my working career, I choose opportunities that provide me the greatest freedom regarding when/where/how I work, understanding that the tradeoff for that freedom is likely less financial freedom.
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