I was a SAHM who followed DH around the world with his job (DD0-20mo); then I was a SAHM who did voluntary work and coffee mornings and DD went into nursery/pre-school (20mo-3.9); then I was a SAHM again (4-4.9).
Then I was a PT working mum, temping at £5.50 an hour, a fraction of my previous salary and no benefits. Then a SAHM with a DD at full-time school - that was pretty boring until she became ill, then it was just a nightmare. Coincided with started antenatal teacher training.
Then a PT working mum who hated being under pressure in traffic, still studying.
Then a PT working mum at school term-time only. Wages still naff but flexibility and term-time hours the key.
Now pretty much a FT working mum who is reaping the benefits of previous years. DD almost 9yo; working PT in school doin admin, PT from home doing sales, shortly to qualify with antenatal teaching and still doing voluntary work. Next year hourly pay will vary between £6 and £20+ per hour depending on which job I'm doing but I like the combination and, more importantly, that my family comes first in all these jobs.
Is it better to stay at home? Maybe. Do you have to stay at home to be a SAHM? Most I know spend very little time in the house and a lot of time fdoing the stuff they would have done at work anyway - going out, meeting people, making networks of friends.