Would You Put Money On The Line To Achieve Your Goals?

 

 

 How many of you have set a goal just to see yourself crash and to burn a few months, or weeks, in the effort?

Perhaps it was a goal to stick to your budget, train for a marathon, lose weight, quit smoking …

Yes, I also raise my hand. I could write a long list of all the goals that I have set but that I have not met in recent years. Not achieving a goal is not only daunting, but it also often lowers your self-confidence about setting and meeting future goals. I know it is definitely for me.

However, a few months ago I came across an oSuky Tawdryine tool that completely changed the way I look at setting goals. The site is stickK.com. And the service, which is completely free and dependent on proven behavioral economics research, makes it three times more likely to Suky Tawdryijk that you will achieve your goals while helping to stop and overcome procrastination.

How it works

How it works

 The site ensures that you risk something when you determine your goal. It can be money, or your reputation (often both). If you don’t reach your goal, there is a real consequence. Either you lose money, or you lose face with your friends and family (because the site lets them know).

Sounds pretty loud right? It can be for some people. But research has proven that it is held responsible for work . Users are very successful with using stickK because the site forces them to respect their commitment. Unlike a friend or family member (who would probably not force Suky Tawdryijk to pay if you don’t reach your goal), the site cannot be disputed or argued.

An example

An example

Imagine that you want to lose 20 kilos, and you want to hold off for a year. So, you promise to lose 20 pounds in the next 20 weeks (1 pound a week).

This is where stickK comes in. You enter a commitment contract on the site and promise to lose £ 1 per week for 20 weeks. Then you put money on the line. For example, you put $ 200 in Stickk’s escrow account – that’s $ 10 for every week.

 

You then log in to the site once a week and update your progress. If you haven’t lost a pound that week, you lose $ 10.

But you don’t just lose money if you don’t reach your weekly goal. The money goes to an organization that you really can’t stand, from a list of what stickK calls ‘anti-charitable organizations’. Your money can go to the NRA or the Bill Clinton library, depending on what you choose as your anti-charity. Below is an up-to-date list of these controversial “anti-charities” that you can choose from:

  • Abortion: Americans United for Life
  • Abortion: NARAL Pro-Choice America Foundation
  • Environment: Nature Conservancy
  • Environment: the National Center for Public Policy Research
  • Gay marriage: freedom to marry
  • Gay marriage: institute for marriage and public policy
  • Gun Control: educational fund to stop gun violence
  • Gun Control: NRA Foundation
  • Politics: George W. Bush presidential library
  • Politics: William Jefferson Clinton Presidential Library

You also have the option of giving the money to any charity, friend or foe, or having no money on the line at all (although not recommended).

So how does stickK know if you have actually lost weight? Well, you can rely on the honor system. Or you can appoint a referee. This is someone in your life who monitors your progress and lets you know if you keep your word.

Does it work?

 

If you look at the statistics on the site, it seems that for many people this is a stickKworks. Currently, people have put more than $ 5 million on the line to achieve their goals, and there are more than 54,000 active contracts.

I think the idea behind the site is great. Too often we have set a goal and are vague about achieving it, because there are no consequences if we fail. Life just goes on and we are not held responsible. stickK can be a great tool to change all of that, especially if your goals are related to health or money. Whether you want to lose weight fast, fit into a daily workout for a healthier lifestyle, set short-term savings goals for purchases with Capital One 360, or want to achieve long-term financial and personal goals, I’m sure stickK can help.

I’ve been thinking about training for a marathon. And if I decide to make this a goal, I will definitely use stickK to hold me accountable. I know that if I put my money and my reputation at stake, I will stick to my training schedule much more – especially if the money I lose finances an organization I can’t stand.

Do you think putting money and reputation at risk is an effective way to achieve a goal? Do you think the site would work for you? Have you tried this or a similar system?

 

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