I have given this a lot of thought and believe that making a career change once I find the right opportunity is the best move. However, it involves taking a significant pay cut. I'm interested in your thoughts on the situation and advice from people who have done similar things.
I am currently 28 with a NW around $105k and make around $70k/year. I live in an area that has a higher cost of living so this income is above average for my age but not great. With my current company I am in a position where I reached a point where there is little room for upward mobility. Making this amount would be fine, but I naturally want to accomplish more and not stay in the same field for 20-30 years.
The positions that I am looking at start with a lower salary, around $35k the first year but have a lot of upside down the road. Through my research I found that a typical 4 year outlook for someone that is successful could be 35k,50k,70k,100k. There are opportunities to earn 150k+ in the future and that is common for performers.
So this is a 50% pay-cut for a future pay-off. I believe my break even point to be around 5-6 years to recoup the opportunity costs that I lose in the switch. However, if my time frame for retiring is 20 years (low end) it makes financial sense to make the switch.
I'm posting here to see if I am overlooking anything because this would be a big career move. Any advice that you have on my situation would be great!