Nina is on vacation this week. Here’s a reprint of one of her favorite posts from Sitting Pretty:

“If hard work were such a wonderful thing, surely the rich would have kept it all to themselves.” — Lane Kirkland

Last year, one of my dearest friends started planning a career change. He wanted to become a full time artist and is in the process of leaving his web design position of the last seven years. His exit strategy made me ponder how people can best leave their career to start something new and the financial implications of this choice.

Ginger Applegarth at MSN Money came up with 7 steps to quitting work for a year and beyond. She writes, “Taking a break may be just the thing to spark your spirits. But keep in mind these seven points to ensure that your mini-retirement doesn’t produce maxi-regret.”

“It’s time for a break. It’s something everyone thinks about on occasion, but now an increasing number of people are taking mid-career sabbaticals as a way to refresh their creativity, or to do things they’ve always wanted to do. Financial planners sometimes call it a “mini-retirement,” in which you trade a couple of years while you’re still in your 30s, 40s or 50s for working a little longer in your later years.”

“The reasons vary. Maybe you want to travel, go back to school, spend quality time with your family, volunteer or pursue your favorite hobby full time. Taking time off from work may be the only way you can follow these dreams, or just undo the damage to yourself and your family from job-related stress.”

“Sounds great in theory, but how do you pull it off? We will leave it to you to figure out what to do on your sabbatical, but here’s how you can balance your desire for time off and your desire to keep your financial goals (such as a secure retirement) on track:

1. A leave of absence is (usually) better than quitting outright.
2. Accept that it’s going to cost you.
3. Figure out how much it’s going to cost you.
4. Set goals for your sabbatical.
5. Figure out how much time is enough to meet those goals
6. Find the money.
7. Make exit and entrance plans.”

Planning is key. Robert K. Otterbourg at Kiplinger’s advises, “For most career changers, just picking up and starting something new rarely works. Most people have responsibilities — a spouse, children and mortgages. Planning is a critical step in the career-changing cycle. It is particularly important if salary is cut or eliminated so that the career-changing family member can attend graduate or professional school, set up a business, or switch to a lower-paying, yet desired, career.”

“Pursue your career dreams, but think through the financial implications,” says William L. Anthes, Ph.D., president and CEO of the National Endowment for Financial Education. He recommends, “Try on a new career before committing to it. For example, if you think you want to become a teacher, volunteer in a classroom during your vacation so you can observe what a teacher’s day really is like. Ask someone you know who works in your field of interest if you can shadow him or her for a day, or if internships are available. If so, take advantage of these opportunities while you still are employed”again, using vacation days, evenings or weekends. Also, find out if you can moonlight in the field on a part-time basis.”

“If at all possible, maintain your ties to your job while you explore a new career. Don’t quit until you have a position lined up so you can make the shift with minimal disruption to your salary and benefits.”

You can jump from the plane with the standard-issued parachute or you can plan ahead and make sure you’re equipped with the deluxe version. Actually, another dear friend (contemplating divorce) came up with that analogy but it applies to career changes too!