Well, if the cost of living at the new location is less than where you are now, that offsets the pay loss some.
I guess my advice would also depend on if you're married, have kids, and what your lifestyle is like. If you're used to living at your previous means, then taking a 40% pay cut would require a bit of a lifestyle change. Most people wouldn't choose to make such a change.
I guess it also depends on your preference between working for someone and having your own startup. I think you can do a startup without killing yourself.
Another thought: A 10 year old company probably isn't going to give you equity. But, with their first in-house coder, they might get the web-app/product bug. Maybe you can negotiate equity rights to any product/spin-off that results from your work.
Making the choice to decrease our lifestyle is certainly a significant factor in why it feels hard to "follow the dream." I do have a wife and kid and that complicates it a lot. Although my wife does not work in a very lucrative field and she's open to a little adventure, so she's not pushing against this much - although it's still hard to have her leave her family and current status at her current job. :/
Your last point is very interesting. I hadn't thought of an approach like that. Hmm...
I guess my advice would also depend on if you're married, have kids, and what your lifestyle is like. If you're used to living at your previous means, then taking a 40% pay cut would require a bit of a lifestyle change. Most people wouldn't choose to make such a change.
I guess it also depends on your preference between working for someone and having your own startup. I think you can do a startup without killing yourself.
Another thought: A 10 year old company probably isn't going to give you equity. But, with their first in-house coder, they might get the web-app/product bug. Maybe you can negotiate equity rights to any product/spin-off that results from your work.