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Article:

Finding Job Satisfaction: Myths and Tips for Employees

Myth 3: Money buys job satisfaction.

Fact: Many satisfied workers cite several other factors in overall job satisfaction; money tends to be one item out of many and often it is not the most important.

When employees were asked why they stay at their jobs, compensation was seventh and adequate benefits were tied for fourth. The factors at the top of the list are characteristic of good work/life balance and office environment. Things like good managers, coworkers, manageable hours, job security and job challenge were key to many respondents' job satisfaction.
 

Source: Salary.com 2006/07 Employee Job Satisfaction Survey
While money isn't everything, it's not nothing. Compensation was cited as primary reason why employees leave a job - but it wasn't a leading factor for why people stay.
 
Tip: When evaluating your current or a prospective position, consider all factors that will impact your overall satisfaction. Most Americans work five days a week for forty to fifty years, so enjoying that time spent at work is pretty important. Making a lot of money in a job you despise or in an environment that is unpleasant doesn't lead to job satisfaction, even if it does afford you extra cash. Things like vacation time, office environment and work/life balance are more likely to provide you with the work experience you desire.