I came across this a few weeks back and thought it interesting at the time but I didn't have time to investigate it thoroughly. Not sure that I have that time today either, but at least I'm going to write a tiny blurb about it.
Losing weight (or starting exercising or quitting smoking or writing manuscripts, etc.) is difficult. We all know that. We go through all sorts of psychological (and sometimes physical) acrobatics to trick ourselves into setting a goal and then meeting it. And 9 times out of 10 (yes, I made those stats up....I have no idea what the real stats are, but they're big) we fail.
There are a couple of economists, originally from Yale, who think they have discovered a way to help people meet their goals. They've set up a website that is quite intriguing.
http://www.stickk.com/login.php
They let people set the goal themselves (e.g., lose 10 pounds in 10 weeks) and then they have the people put a price tag on this goal. In other words, how much are you willing to risk, should you not reach your goal? Now...hopefully you reach it. BUT...if you should fail? You pay.
So, let's say that you are willing to risk $200 to lose the 10 pounds in 10 weeks. You pay $200 up front. Then, each week you "weigh in" and if you haven't lost 1 pound, they deduct $20 from your account. If you DO lose the 1 pound required for that week, the money stays in your account. At the end of the 10 weeks, you get back whatever is left in your account. They send whatever you "lost" to a charity of your choosing. These are some of the charities that they are currently sending money to:
NOW! An interesting twist! They also have a list of anti-charities that you can choose to have your money sent to (if you fail to meet your sub-goals). This is really quite a brilliant idea. You specify ahead of time some organizations that you are REALLY opposed to and would NEVER willingly support. This, of course, provides extra incentive because I'll be damned if I'm going to be willing to NOT go work out, knowing that my hard-earned money will be going to the Young Republicans if I am not down a pound at the end of the week!!
Yes, this whole thing either requires honesty/ethics (which seems to be in short supply in our world if I go by some of the things I witness on a daily basis. Ay! ...but that is topic for another day) OR it requires a "referee/partner" who will report for you (to keep you honest).
Truly, the website above does a much better job of describing themselves than I do. Just click it and read. Alternatively, there are articles all over the place regarding this particular site, but I'll provide you with one to get you started reading. http://www.economist.com/finance/displaystory.cfm?story_id=10661442
I haven't signed up yet, but I'm looking into it. Truthfully, my goal-setting/goal-reaching has not overly successful of late.
Thoughts?
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4 comments:
This makes me feel really uncomfortable .. which is exactly why it's such a brilliant idea!!
How much would it piss you off to give money to someone you disapprove of? *snort*
I totally agree! I could easily convince myself that, really, I'm not hurting myself and in fact I'm helping the American Cancer Society if I don't go exercise today!!
BUT....tell me that my money is going to PETA if I don't follow through on my plans and...ZIP...I'm at the gym!
I think this concept applies to so many things in life - what do you have invested?
One of the reasons for the mortgage mess is that lenders didn't make buyers put some skin in the game - so the buyers don't have as much at stake as if they would have put 10% to 20% down.
It would be interesting to see a break down of the percentage of people who default that had to put money down vs those who put nothing down.
I love this idea and may sign myself up for the PETA contribution to convince myself to get back in shape.
Excellent point. I've not seen any stats, but would agree that those with an initial investment (or a bigger initial investment) wouldn't walk away as easily.
Sometimes though, it is smart to walk away - regardless of the investment. All too often consumers (and non-consumers too) forget to ignore sunk costs.
However, this isn't a case of that and you daresn't let PETA get any of your money so I expect to hear about your buff limbs soon!
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