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There will definitely be less promotion opportunities and smaller annual raises... but you will have great work life balance. You will have time to dedicate yourself to other interests aside from work, so it really depends on what you value.
Thanks A1. I do value work-life balance a lot, but also want to move around and work with different organizations. I am afraid that I will get stuck and miss on career advancements. But then.. I can always save up money, save some pension and do an MBA later on in life.