The 30-year-old Dally M Medallist has signed a four-year extension that will keep him in Storm colours until the end of the 2030 season.
Hughes admitted he could have made more money by joining one of the expansion clubs, or even making a code-switch to join the breakaway R360 rugby competition, but said it was more important for him and his pregnant wife Molly to be happy.
"Money wasn't really high on what we wanted ... obviously, money's nice but for myself and obviously Molly and my family, it was more happiness," he said.
"It's easy to take money, but if you're not happy, your value of life is going to really go down so for me, it was where am I most happy?
"And success as well - we want to be playing for premierships every year or be put in that conversation, and I feel like Storm has that, definitely."
Some of Melbourne's biggest names - skipper Harry Grant, fullback Ryan Papenhuyzen and top-shelf winger Xavier Coates - are off contract at the end of next season which means rivals clubs will be circling from November 1.
Playmaker Cameron Munster is contracted until the end of 2027 but is believed to be a marquee target for the Perth Bears.
"I guess now that I'm done, I'm going to start my recruiting role and try to get some of those boys to stay as well," said a sidelined Hughes, who is confident of returning for the NRL finals after dislocating his shoulder.
"I obviously love playing with those types of blokes, and not just rocking up to work every day and being able to play and train with them, they're really good friends off the field as well.
"Hopefully we can chase premierships together and now that I've re-signed, I'll definitely be in the ears of those blokes to re-sign."
It could be tough to keep rising halfback Jonah Pezet, but Hughes hoped Melbourne could work out a loan situation with another club rather than lose him altogether.
The Storm loaned Grant to the Wests Tigers for a season when he was stuck behind then skipper Cameron Smith, although the length of Hughes' deal could curtail this idea.
With 36-year-old Manly halfback Daly Cherry-Evans set to announce a one-year deal with the Sydney Roosters, Hughes wasn't sure if this contract would be his last.
Despite the current injury, he said felt better than he did when he was starting out in Melbourne back in 2017.
"I feel better than I have when I was younger ... I probably wasn't so professional with the things I was doing on and off the field, said the 167-game veteran.
"I feel like this is a good period for me, these next four to five years of getting the best out of myself and playing the best footy I can for this club.
"So I'm not sure about the contract after this, but for now, I'm feeling really good."