That being said, there may be situations where you accept less money for something you enjoy more, because the satisfaction is worth it, but this isn't the same as underselling yourself.

I used to work at an organization that paid conspicuously less than local market value for comparably experienced developers.

The work environment, however, was a really pleasant one to work in. There were quarterly and annual company-wide events, such as going to local sporting events, scavenger hunts, Christmas dinners at fancy restaurants, and the like.

My boss was great and took an active interest in developing the skills of his team, and successfully tanked upper management, leaving us free to develop in peace. All the developers ate together in our own break room, usually over board games. There was a sense of camaraderie on our team you don't just find everywhere.

I loved working there; though I didn't want to, I ultimately had to leave when I started a family, got a house, and my expenses outpaced my income.

Perhaps I should have left sooner. Perhaps I was unwittingly underselling myself. However, I prefer to think of all of the above I mentioned as "non-cash" compensation.