Many years ago a friend of mine shared with me a gaming acronym and metaphor;
DoT – Damage over Time.
In computer gaming, it refers to things that can happen to your character, like being poisoned or having a spell cast against it.
In the real world, we used it to describe choices and decisions around spending money that weigh you down and can negatively impact you.
DoTs in real life can apply to “Lifestyle Creep”, of wants that become needs.
It can also refer to carrying debt and debt servicing.
Because of my boom/bust past, I’ve been very intentional with how I spend money. I enjoy nice things, but I only use “yesterday’s money” to pay for it and always consider how I can get out of it, or what it would look like if my situation changed.
Instead of buying a cottage or vacation home, and all of the associated carrying costs and ongoing expenses attached to it, I spent an equivalent amount of money (money I saved to spend) renovating my backyard into “Frolic’s Resort”, my own private club. It’s been a joy in my life, has been incredibly valuable through lock-down periods, and best of all I don’t have to pay any ongoing mortgage or taxes on it. Outside of the initial build, the costs of maintaining it are negligible compared to a second property.
When I built my arcade, other people might spend that kind of money on a boat or fancy car. The thing is, when I don’t used my arcade, I pay nothing. I didn’t have to pay any ongoing costs every month. A couple of years ago I decided to sell off a bunch of my machines and convert part of my basement into a theater. The pinballs paid for that.
I live in a home I love and own outright, instead of a never-ending upgrade cycle of what kind of house mortgage I can carry.
This has been on my mind lately as I see lots of news about rising interest rates and the worry people have about if they can afford the things they have if their rates go up. That’s Damage over Time if I’ve ever heard it.
I can see as I write this this flies in the face somewhat of “abundance mindset”. I suppose I’m somewhat scarred by some of the earlier periods in my life, like the stories we used to hear about people that grew up in the Great Depression and never wasted anything.
Thinking this way let’s me feel content and that I have enough, not chasing an insatiable hunger for “more”. If part of my mission is to walk my talk, this is a part of it.
For me, it’s about walking a line, between enjoying the success I’ve created, and being mindful that peace is a big part of my life and not trade that away. I also remind myself that not everything is always under my control, and to focus on the things I do have control over. A big part of this includes avoiding DoTs in my life.
Where are you carrying DoTs in your own life, and what can you do to avoid them in the future?
