You clearly need to balance all of the benefits of a job - compensation is just one aspect.
If you're looking for work-life balance, it doesn't make much sense to jump ship for a 50% increase in comp if your work week goes from an easy 6 hours/4 days per week to 12 hours days and working on weekends.
It might make sense to make such a jump if you’re young and early in your career. Young people have fewer commitments and they also have more energy, so they can handle those types of workloads more easily. And due to the way compounding (interest) works, choosing to make more money earlier in life is not such a bad idea.
The other benefit is that early in one’s career, a high salary can be a good boost of self esteem, and set one up for even higher salaries later.
You clearly need to balance all of the benefits of a job - compensation is just one aspect.
If you're looking for work-life balance, it doesn't make much sense to jump ship for a 50% increase in comp if your work week goes from an easy 6 hours/4 days per week to 12 hours days and working on weekends.