So what's the alternative?
Go contracting. Reduce your expenses to the bone, and limit the contracts you do. I now only take 3 month contracts and I do one a year. I make about £24K from that - I know many developers making double my rate. That £24K is more than double my expenses though. If there's a 6 month contract I really like the look of I will do it (especially if it's remote working) - but then I'll take at least a year off.
The great thing about a contract is you go in, do your thing, get out. Job done. No stress. No worry. No customers giving you grief and wanting their money back. No infrastructure going down with admin alerts at 3.00am. No hassle. I don't even have my own limited company. I use an umbrella company and while not as tax efficient I have no dealing with accountants, HMRC, tax returns and all that nonsense.
I think there are many good reasons to start a 'lifestyle' business. I'm just not convinced it's the way to go if work-life balance is what you are looking for.