Waking Up From Vacation: The Real Cost of Moving Abroad (Part II)
Updated: Aug 9
This past week, I spent time in Toronto, Canada. Walking through a city celebrated for its diversity, safety, and progressive infrastructure, it became clear: people are willing to pay a high price for serenity, healthcare, and a truly global culture. But it made me ask: what is the actual cost of a well-run life? I’ve learned a sobering truth: people are willing to pay a heavy premium to live the life they desire—and yet, they pay equally heavy prices to escape the lives they wish to leave behind.
The Realisms
I have traveled thousands of miles away from the U.S., but never to Canada, which is less than a two-hour plane ride away. It has been on several lists as one of the top places to move abroad, and I chose Toronto as my audit base. I was not disappointed.
In the past 3 to 5 years, Toronto has lived inside a fascinating paradox. While about 270,000 people migrated to the city in 2024, just as many people moved out due to high housing costs. And yet, the city still faces a severe housing shortage.
Canada’s restrictions on building multi-family dwellings and soaring construction costs often result in residents paying over 50% of their income just for a place to live. However, Toronto’s public transportation systems, its healthcare network, and the relative ease of building a social network make the price well worth it for thousands of expats.
Return on Investment
Whether moving abroad, changing careers, or making other life-altering decisions, it is important to have realistic expectations of your return on investment. You must carefully list the risks associated with that choice and determine if the expected benefits "balance out" the inevitable losses experienced during major life transitions.
Friendships, time spent with family, visiting your favorite local spot, or having access to familiar public transit are just a few things that you may lose during personal growth and transformation. It is often said that you can’t put a price tag on happiness, but it can definitely be very costly if you don’t know what your "happy life" looks like. This is particularly important for retirees who may not have time on their side to "start over."
Blooming in New Soil
Currency is needed to fertilize any new soil you decide to transplant to. However, for you to "bloom," it takes more than capital to thrive. The things you need invariably differ from one person to the next, and failure will surely come if you compare your life to someone else’s.
Social media and other resources are a great starting point for avoiding mistakes others have experienced, but don’t let them be your sole basis for moving to a particular location. Create your own ledger starting with the primary thing that is making you abandon the familiar. Invest real time in listing the things that you need to change in your life and why moving abroad is the only alternative to your journey toward sovereignty and inner peace.
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