It’s damned scary. Honestly, it’s a lot “easier” to decide to go to a job that pays less but would be much more enjoyable and satisfying if you’ve lost a job, vs. leaving an existing one. I took a MAJOR reduction in salary to accept my current job, also a loss in other compensation forms, but when you’re in the middle of the 2009 recession and there are NO jobs, you feel very lucky to get ANY job. The good side of it was, these guys were customers of my previous company, had a GREAT reputation, etc. 6 years later (hard to believe it’s been that long!) I still don’t make quite what I was making in my previous job, but I love my job. Which I had decided, years before, was not really possible; I had decided the only way to love my job would be to go to a completely different type of job. (and you never know, right, until you get into that new job.)
Another example: when I get let go from the job that made me throw up in the morning (that paid a fortune, had limos pick me up, etc.) my top scientist also got let go. He was your typical acerbic but genius scientist, young Ph.D., there was literally not a money making product in the company for which he had not been a major contributor. But he was the kind of guy who had no problem letting the CEO know that the really stupid thing the CEO just said was really stupid. Having worked with both professors and industrial scientists for many years, I knew this guy would never truly be happy working in a company with all the managers and stupid business decisions, etc. He easily found another job in another company pretty quickly but it chafed him to have to work on projects that he knew made no sense, were doomed, etc. and not be able to work on what he knew to be better approaches.
So I helped him get a job as a professor. Now, I am well aware of the politics, etc. of a university. As was he (we’d done numerous joint projects with universities and knew a lot of profs well.) But long story short, he got in, quickly used his savvy and contacts to get funding, got a nice group of students, and made tenure very quickly (he made sure he and the department head got along well before taking the job.) His biggest issue: he made a LOT less money to start than he did with the companies he’d worked with. He’s now doing better, not making as much money still, but he absolutely loves coming in to work, loves being a professor, and laughs at the things the other profs (who have never worked in industry) get worked up over.
But - he made the move as a result of being fired (though he did leave the company he went to work with for a year after being fired.)
Oh - the funny part, the company he left to take the prof job pays him a lot to be a consultant to them. ;)