Well I have in essence tried doing exactly that .
However like Firenze said these decisons have financial consequences so after a while you have to re-enter the same ol' grind which is what I wish to avoid.
I guess the answer lies in knowing what is enough for you and which lifestyle is acceptable to you .
Having passion about your selected profession should be the most critical factor .........Although I admit I didn't choose my profession just because I was passionate about it, there were other factors too.
See the thing is that almost in any area you can find the types of challenges that interest you. I for example was miserable in the banking industry, to a point I was concerned I just had picked the wrong career direction, but then getting into consulting, strategy, globalisation area just gave me the exact types of challenges that I crave, innovate, collaborate, shape solutions.
financial considerations are a factor in our choices but not the only factor. There are many ways to pursue a passion, some ppl try to do soemthing for the environment by joining non profits, grassroots organisatiosn etc. I had chosen to do that by conceptualizing and launching at that time the most comprehensive program to help electronics manufacturers take out hazardous substances for their entire supply chains.
same passion...diff ways of doing it, and yes I was making more than someone who was in some grassroots environmental advocacy group, but then I was makig much less than the VP of SOny americas who was resposnible for environmental initiatives for his company.
good pal of mine a cardiologist, decided that a doctors life was not for him, he liked medicine, liked helping people, but just did not enjoy , so he got an MBA in health care mgmt and is now managing a health system rather than serving in it, with focus on standards of care, capability and capacity development, etc.