Could a financial incentive help you lose weight?

EffEmDoubleyou · 03-05-2008, 08:08 PM

I saw a story on the news today about stickk.com, a new website that allows you to place a financial bet on your ability to lose weight, quit smoking, or kick any number of bad habits.

Let's say you want to lose 20 pounds. You sign up on the site, give them some money, and post your goal. If you reach your goal, you get the money back. If you fail to lose 20 pounds by the date specified, then the money goes to a person or charity designated by you. They even recommend designating the money for a charity you dislike so that the incentive is increased! You need to designate a person you know as your "referee" to confirm to the site that you have indeed accomplished your goal so you can't lie. You can also have the site send emails on your progress to your friends and family for more accountability and encouragement.

Does anyone think that this incentive would work for them? I'm seriously considering it. I'm nothing if not cheap.

mippus · 03-05-2008, 08:19 PM

The money wouldn't do the trick for me, but maybe the mails on my progress would...

Economica · 03-05-2008, 08:21 PM

Quote:

Originally Posted by FMWarner

Does anyone think that this incentive would work for them? I'm seriously considering it. I'm nothing if not cheap.

Yes, this works (for some, at least), for the same reason that causes health clubs to make you commit to flat fee memberships instead of paying per visit: The incentive counteracts the so-called present bias that causes you to not want to do now what you would like yourself to do in general (such as exercise). Go for it!

nightning · 03-05-2008, 08:23 PM

Quote:

Originally Posted by FMWarner

I saw a story on the news today about stickk.com, a new website that allows you to place a financial bet on your ability to lose weight, quit smoking, or kick any number of bad habits.

Let's say you want to lose 20 pounds. You sign up on the site, give them some money, and post your goal. If you reach your goal, you get the money back. If you fail to lose 20 pounds by the date specified, then the money goes to a person or charity designated by you. They even recommend designating the money for a charity you dislike so that the incentive is increased! You need to designate a person you know as your "referee" to confirm to the site that you have indeed accomplished your goal so you can't lie. You can also have the site send emails on your progress to your friends and family for more accountability and encouragement.

Does anyone think that this incentive would work for them? I'm seriously considering it. I'm nothing if not cheap.

No... why give a company money? For me... I hate to fail publicly. So the best way would be to announce to people that I'm going to do something. Make a small bet with people I know about carrying it out. The money doesn't matter... it's face. But that's me though... might not work for you. =]

Edahn · 03-05-2008, 08:40 PM

FM, I use bets to motivate me for anything. The difference being that there's something to GAIN, in addition to something to lose. It doesn't even require that you give up the same thing, just that the considerations are equivalent (or that the odds are adjusted). For instance, you have to lose 10 pounds in 2 months while your friend, Uber, doesn't post on MBTIc.

Current bets: first one of my brother and I to smoke pot must pay the other $75; first two to drink or smoke between my 2 friends and I must pay $100. I'm thinking of giving up caffeine, too.

scantilyclad · 03-05-2008, 09:00 PM

I don't think money is important enough to me for it to actually be an incentive.
My health and wanting to be around for a long time for my child is really the only thing that motivates me.

Grayscale · 03-05-2008, 09:15 PM

i think people can be motivated by things external to the problem they are attempting to resolved for short periods of time, but in the long run the motivation needs to come from the willingness to sacrifice to solve the solution itself or it the motivation will be short lived

the problem with being overweight is that it unhealthy, the motivation to change should be founded in a sincere and strong desire to live a healthy life... that attitude is the commonality between people who are able to not only become healthy but stay healthy

Metamorphosis · 03-06-2008, 01:02 AM

At first glance, I would think it would work. But then I think...wait...health and looks wasn't enough...so probably not.

especially if they are just getting the money back that they put in

Athenian200 · 03-06-2008, 01:12 AM

I think it would work better if you got paid to do it rather than just getting the money back... but honestly, I've actually paid money to eat healthier so that I could lose weight before, so I don't know. Also, I think the trick is keeping weight off, not losing it in the first place.

alcea rosea · 03-06-2008, 11:04 AM

Could a financial incentive help you lose weight?

No.
It's all about my own inner motivation that is needed.

03-05-2008, 08:19 PM	#2 (permalink)
mippus you are right Join Date: Jan 2008 Type: InTp Location: Belgium Posts: 885	The money wouldn't do the trick for me, but maybe the mails on my progress would... __________________ Vanitas vanitatum omnia vanitas

03-05-2008, 08:40 PM	#5 (permalink)
Edahn Splashy Join Date: May 2007 Type: XNTP Location: Southern California Posts: 5,424	FM, I use bets to motivate me for anything. The difference being that there's something to GAIN, in addition to something to lose. It doesn't even require that you give up the same thing, just that the considerations are equivalent (or that the odds are adjusted). For instance, you have to lose 10 pounds in 2 months while your friend, Uber, doesn't post on MBTIc. Current bets: first one of my brother and I to smoke pot must pay the other $75; first two to drink or smoke between my 2 friends and I must pay $100. I'm thinking of giving up caffeine, too. __________________ My other signature is something witty.

03-05-2008, 09:00 PM	#6 (permalink)
scantilyclad almost nekkid Join Date: Aug 2007 Type: INFP Location: Where Everything is Bigger. Posts: 1,800	I don't think money is important enough to me for it to actually be an incentive. My health and wanting to be around for a long time for my child is really the only thing that motivates me. __________________ INFP 4w5 Myspace The pain won't let me get away.

03-05-2008, 09:15 PM	#7 (permalink)
Grayscale yeap. Join Date: Dec 2007 Type: istp Posts: 1,949	i think people can be motivated by things external to the problem they are attempting to resolved for short periods of time, but in the long run the motivation needs to come from the willingness to sacrifice to solve the solution itself or it the motivation will be short lived the problem with being overweight is that it unhealthy, the motivation to change should be founded in a sincere and strong desire to live a healthy life... that attitude is the commonality between people who are able to not only become healthy but stay healthy Last edited by Grayscale; 03-05-2008 at 11:23 PM.

03-06-2008, 01:02 AM	#8 (permalink)
Metamorphosis 5w6 ^8 Join Date: May 2007 Type: INTJ Location: TEXAS! the state formerly known as a country Posts: 2,860	At first glance, I would think it would work. But then I think...wait...health and looks wasn't enough...so probably not. especially if they are just getting the money back that they put in __________________ The mass of men lead lives of quiet desperation. - Henry David Thoreau Truths are a useless fiction. - Nietzsche Reason is, and ought only to be the slave of the passions, and can never pretend to any other office than to serve and obey them. - David Hume "I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do."

03-06-2008, 01:12 AM	#9 (permalink)
Athenian200 Fragmented Being Join Date: Jul 2007 Type: InfJ Location: C:\ Posts: 5,774	I think it would work better if you got paid to do it rather than just getting the money back... but honestly, I've actually paid money to eat healthier so that I could lose weight before, so I don't know. Also, I think the trick is keeping weight off, not losing it in the first place. __________________ "I'm not much more than an interpreter, and not very good at telling stories. Well, not at making them interesting, anyways." --C3-P0, Star Wars IV: A New Hope

03-06-2008, 11:04 AM	#10 (permalink)
alcea rosea Summersocks Join Date: Nov 2007 Type: ENFP Location: Northern Europe Posts: 2,650	Could a financial incentive help you lose weight? No. It's all about my own inner motivation that is needed. __________________ No signatures available today.

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