I think the answer lies somewhere in vast amounts of lambos and bookshelves.
To be well off financially can be different to many and depends on your lifestyle and geographic location. Some want that new gear every season, others don't care. I always think about skiing, so being able to afford it is always important. Knowing that, I would turn down a shit job that pays well for a fun job that pays poorly as long as I can get out to the hill at least 1-2 times a week.
According to a study done at Princeton, happiness peaks at $75K - I would imagine this depends on your currency as well as what the standard of living in your country is. The seemingly low number (compared to what plenty of people make) might have something to do with kids getting in fights with you once your dad hits the 5 mil range.