I love Toronto, my home town.
But it’s so bloody expensive there!
I read this recent article about the cost of living in Toronto for young professionals, and it’s scary how accurate it is. If Martin and I lived in Toronto (which was the original plan), we’d easily spend the quoted $2.6K per month to live in a condo, with no car, for a single person. Since we are frugal though, I think we could pay attention and get by on $3.5K for 2 people.
Martin and I don’t track our expenses, but we estimate that we spend about 1.7K EUR ($2.5K) per month living near Düsseldorf (one of the richest cities in Germany), and that includes living in a nice flat in a good area, driving a BMW, travelling often, and buying local/organic/free trade groceries. While we are more frugal than everyone else we know around us, we are still embarrassed to live such rich-yuppie lifestyles and are trying to cut back.
And cut back we will once we move to Niederrhein. Our expenses will drop to ~1.4K EUR ($2K) per month. Even that sounds high to me, but we probably do end up spending that much when we spread our travel costs over the year. (I’m not including my new freelancing costs, or Martin’s alternative treatments)
If I stayed in Toronto, I would still find this FIRE lifestyle, but it would take me longer to save enough to FIRE.
Now I get to FIRE earlier (hopefully!), while living a much more interesting life. Not that people in Toronto don’t live interesting lives, but after spending my entire life there, I was pretty bored with myself. I wanted to see something new.
Then I came here and felt really out of place and wanted to go back! But that’s another story.
I would still love to spend time in Toronto when I FIRE, just cuz it always feels like *home*. If my freelancing career takes off, I may not even have to wait until I FIRE!