I've been discussing this of late with a number of people. I think the ideal, and this is to balance a need for money, a desire to relax, do things, travel, but still have the mental stimulation and social aspects of work is to work for about 8 months a year and take about 4 months off. Unfortunately this isn't how job work in my industry, unless you sign short-term contracts and then you lose your security. There are plenty of jobs that are 3-4 days a week but they are just that 3 days every week, annoying. Ideally you find two other people who want to do the same as you, and you share two jobs between you - that would work.
Balance is something many don't find although it's something that is so within one's control; it's a choice thing. I think consumerism has a lot to do with it, the fear of missing out and the subsequent credit debt people get themselves into. I blame the marketers and corporations of course, but a lot of the blame goes to the individual who chooses not to say no to something they can't afford or don't really need.
I have a nice balance of work at the moment, I chose that. This wasn't an easy choice if all the little elements were looked at and weighed and measured however I asked myself, how would I feel if I make this change and the answer was, significantly better, which led me to the ultimate decision.
Life is too short to fill up with the desire and pursuit of want-items, I'm more about experiences. Sure, I have to pay for them so have to work, but working at a job I enjoy and that supports life rather than is life seems a nice balance.