Relocating for work can feel like a huge step – whether it’s packing up for a new city or even a different country. The excitement of fresh opportunities is often balanced by the stress of uprooting your life. But is it really worth it? In this Get Rich Slow Club episode, we’ll explore the costs, both literal and figurative, of making that big move. We'll also gain some insight from Harry, a 25-year-old buyer’s advocate who made the leap from Tasmania to Melbourne in pursuit of better opportunities.
Relocating for work often comes with the promise of a higher salary, more exciting career opportunities, and a chance to expand your network. Harry made this leap when he decided to leave his hometown of Hobart, Tasmania, and relocate to Melbourne.
“I've always had really big goals,” Harry shares. “I just didn't think that what I was doing in Hobart would get me there.”
Harry’s decision wasn’t just about earning more money – it was about setting himself up for bigger things. Within a short period of moving to Melbourne, he managed to increase his salary significantly. His journey demonstrates that. for many people, the financial rewards of moving to a bigger city or more vibrant market can be a game-changer.
Financial benefits of relocating
One of the biggest motivators behind relocating is the potential for a higher income. For Harry, moving to Melbourne was a no-brainer.
“The opportunity cost of not moving would have been massive,” he reflects. In his role as a buyer’s advocate, relocating opened doors to higher-paying clients and a broader range of career opportunities. “My life became centred around how I could get to my goals quicker.”
That said, it's essential to balance this potential increase in earnings against the cost of living in a new city. Melbourne, for example, is considerably more expensive than Hobart, and Harry had to adjust his lifestyle to accommodate this.
He found creative ways to cut down on expenses, like renting a furnished apartment, which allowed him to avoid buying furniture and keep his moving costs low. This strategic thinking enabled him to maintain control of his finances while still benefiting from the greater career opportunities Melbourne had to offer.
Reducing the cost of moving
The financial cost of relocating can be daunting, but with some clever strategies, it’s possible to minimise the burden. Harry found creative ways to keep his relocation expenses low when he moved from Tasmania to Melbourne.
One of his biggest hacks? Travelling as lightly as possible. By selling off unnecessary items and moving only the essentials, Harry was able to cut down on moving costs significantly.
“All it cost me was my ferry ticket, which I paid for with the stuff I sold,” Harry says. “Actually, I probably made money from moving to Melbourne in a weird way, because my furniture was worth more than what it cost for the ferry ticket.”
If you’re considering relocating, think about ways to streamline the process – sell what you don’t need, and avoid buying new things until you’re settled in your new city.
The psychological impact of relocating
Relocating can offer an exciting opportunity to reset and reinvent yourself, but it also comes with significant personal and psychological challenges. Moving to a new city often means leaving behind friends, family, and the comfort of familiarity. For many, this transition can feel isolating, especially at first.
Harry experienced these challenges firsthand. While he saw clear professional advantages, he admits that building a new social network took a back seat.
"I wouldn't say I prioritised making new friends," he shares, explaining that his focus remained on work and financial goals .
The sense of isolation that often accompanies relocation is something many people fear, and Harry acknowledges that it’s a valid concern. However, for him, this sacrifice was deliberate.
"I made a conscious decision to focus on work, and everything else is kind of going to the wayside," he explains, reflecting on the personal cost of his career-driven move.
He also notes that relocating allowed him to recalibrate his life and prioritise what truly mattered to him, particularly his career and financial future.
“You work out what’s really important,” he says.
Is relocating worth it?
So, is relocating for work worth the effort? The answer depends on your personal and professional goals. For Harry, the move to Melbourne was the best decision he could have made.
"The return on investment is wild," he says, referring to the boost in his earning potential and career advancement. He also notes that, if things go belly up, moving back home is always a possible escape route.
However, relocating is a highly individual decision. While the financial benefits may be tempting, it’s important to weigh these against the personal costs. If career growth and financial success are your top priorities, the move might be well worth the trade-off. But if personal connections, community, and familiarity are more important to you, staying put could make more sense.
Here are some key questions to ask yourself when thinking about a move:
-
What are your career goals?
Does this move align with your long-term career aspirations? Will it open doors to better opportunities or more rewarding work? -
How will your income change?
Will your new salary significantly increase, or will the higher cost of living in your new city cancel out the financial benefits? -
What is the cost of
not
moving?
Harry highlights the importance of this question. If you don’t make the move, are you limiting your potential? Will you miss out on opportunities that could advance your career or personal growth? -
How will this impact your personal life?
Moving to a new city often means leaving behind friends and family. Are you prepared for the emotional toll of starting fresh in a new place? -
What lifestyle changes are you willing to make?
Moving to a more expensive city might mean cutting back on certain luxuries or finding creative ways to live more frugally . Are you comfortable with that trade-off? -
How do you handle uncertainty?
Relocating can be unpredictable. If things don’t go as planned, are you flexible enough to adapt or make alternative arrangements?
Ultimately, it’s about striking the right balance between financial gain and personal fulfilment.
Final thoughts
Deciding whether relocating for work is worth it is not just a financial question, but a deeply personal one. As Harry puts it, sometimes the bigger question to ask yourself is: What is the cost of not moving?
“Even if it cost me $10,000 to move from Hobart to Melbourne, my increasing earning capacity in the last two years is like ten times that amount or more," says Harry.
“If you're thinking about the cost of moving, flip the question and ask yourself: ‘What's it going to cost me if I don't move?’. And what are you missing out on by staying in the exact same situation that you must know is not working for you if you're considering moving in the first place?”
If your current situation isn’t pushing you toward your goals, staying in one place could hold you back. But every move comes with trade-offs, and the key is to ensure that the rewards outweigh the costs.
By carefully considering your goals and reflecting on the potential personal and financial impacts, you can make an informed decision about whether relocating is the right choice for you.
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Happy investing!
