Sunday, February 17, 2008

paying for self-discipline

Would you pay yourself $200 to lose weight? How about $500 to stop smoking or $300 to read your Bible through in a year? Now you can. According to last week's edition of THE ECONOMIST, there is an online site developed by a couple of economists to help you do this. enables you to make a "commitment contract" to achieve a goal, say losing 20 pounds, and then enforces the contract. For example, you can pay them $200 which will be returned to you if and only if you lose the weight. If you don't lose the weight then you lose the bet and the money goes to someone you designate. (Maybe a charity or a political campaign you don't like?) To prevent cheating, you also need to assign an independent referee to verify that you have accomplished your goal.

Would you lose the weight or give up $200? Resolutions and good intentions are fine, but show yourself the money.

Be blessed.

P.S. I love's slogan: Put a contract out on yourself!

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