You've been asking some deep questions lately. I prioritize having fun for myself higher on the list. As for the kids, I'd say learning takes priority...they'll have plenty of time to have fun when they get older (like pay bills, job stress, etc.)
Are we talking immediacy? Immediate fun is easy, and fun
But to maximise fun in the long term learning is necessary. I plan on learning for a good few years yet, and hopefully my chosen career path (short term programming contracts most likely) will let me earn enough to take lots of long breaks to have lots and lots of fun (writing music, travelling, taking time off from reality). It isn't quite as fun now, but it will be later.
I live quite meagrely. Time is more important than money to me, because fun can't be bought with money.