Austin,
Thanks for the excellent post.
I agree with your sentiments in that salary isn't everything (indeed - it is far from it). Your brother hit the nail on the head for sure.
The main thing I think is that you enjoy what you do and get paid such that your employer *values* you and you feel valued.
This leads to stimulating environment where employee and employer respect each other and neither party feels like they are getting a bum deal.
Of course, you need an idea of what your value is to make sure the salary fits (or thereabouts!), hence my post.
I also agree that an engineer with a bachelors degree and years of experience is worth way way more than someone with a PhD an next to no experience (2000 - 2004 was a good time to be doing a PhD on DSP on FPGAs however given the state of the industry! :-) )
Incidentally, my wife is always telling me how much smarter than me she is (she is). I just wave my PhD certificate at her when that happens - drives her nuts... ;-)
Cheers,
Dave