That all depends on the circumstances. Obviously if the appreciative employer was truly sincere, and you could afford to hold out, you can both work together and grow together and he can show his appreciation in the future monetarily as it becomes possible. If his game is to be appreciative so he does NOT have to pay out, you won’t feel appreciated for long.
On the other hand, if you need the money, you most likely will use that job as a stepping stone to keep moving forward so you will be using your boss in the same way as he is using you. You won’t appreciate him and he won’t appreciate you and you are only there to make the money until you can move on.