New Job Opportunity, Should I do it?

[Smackakat]

I got  a new job opportunity to live in Toronto which will pay me about $50-60,000 a year, currently I am getting paid $50,000 a year but live in Peterborough (1h and 1/2 away from Toronto). My current job is less than 5 kms away from home so I bike or walk to work everyday (still have a car thinking about selling it) I currently have about $70,000 in investments and 0 debts and my retirement goal is to reach $300,000 which will give me about $12,000 a year to live off of. I am 26 years old. I have been debating this move because I would like to save at least $1,000 a month to give my retirement goal a chance to flourish but living in Toronto will mean renting a room for nearly $1000 ( walking distance to work at 200 University Avenue Toronto),  plus all the social expensive things that come with living in a Big City. Currently the reason I can save a lot of money where I am living is because I live at home with my parents rent free but I would like to live on my own now and this job is more aligned with what I would like to do with my future. Wondering if any of you have some advice whether I should just stick it out with what I am doing and retire faster and more simply or live in Toronto and try this new career path. thanks a lot.

[nirodha]

I am 26 years old.

all the social expensive things that come with living in a Big City

I would like to live on my own

this job is more aligned with what I would like to do with my future

live in Toronto and try this new career path

Enjoy Toronto.

[Tuskalusa]

Sounds like an opportunity to grow your salary while taking a new and exciting step in your life. I’d say give it a shot! 

[Freedomin5]

If you take the job in TO, what will be your projected expenses besides rent? Depending on where you get your groceries, shopping in downtown TO can be pricey. Will you be shopping in Chinatown or other ethnic grocery stores to get the lower prices? Will you need a bus pass? Figure out how much you will be spending, and figure out how much you’ll actually be saving.

In addition, it sounds like the new job comes with chances of promotion/salary increases? What does the career progression look like? If it gives you opportunity to quickly work your way up and increase your salary, I’d consider taking the job.

Just beware of lifestyle inflation. It’s pretty easy to spend money in TO.

[MonkeyJenga]

How do you plan to live off of $12k? I'm assuming this would include housing expenses, since you didn't say $300k plus a paid off house. But if you make $50k, and you're the kind of person who can live off of $12k for decades, you should easily be able to save $1k a month, even in Toronto. The expensive social things don't need to be that expensive. They certainly don't need to eat up your entire salary.

How much have you been spending in your current free rent situation?