Yeah, I actually run a lifestyle business myself, and have done so for the past 18 years. I make a decent living (albeit much less than I'd earn working for a SV startup or Google), have a virtually stress-fee life, live in paradise, and can set my own work schedule. I don't have any employees at the moment, but when I did employ someone I gave him the same work conditions that I set for myself (i.e. work whenever you want, and take time off whenever you feel like it).
Before I started working on my business full-time I earned about 5x what I make now (and that was over 15 years ago), but I'm much happier now.