There is no "one size fits all" or binary answer to this. It really depends on the individual case. I have seen both (staying vs going) happen to me/family and

There is no "one size fits all" or binary answer to this. It really depends on the individual case. I have seen both (staying vs going) happen to me/family and in either case, it has been good and/or bad. If you love working at the current place, you have a great relationship with your boss/team and your only issue is money, then a good counter-offer may not be a bad idea. In fact, many times it is the only way to get a raise unfortunately. Consider the alternative. You might be making ok money but you don't like your team/boss/company at all, then do not take the counter offer even if they offer you more. You never know how it will turn out later on.