Goals + Incentives = Motivation
Diet-blog recentlyposted information about StickK.com-No! this is not a typo, it really is spelled with a large and small cap kK; as in “stickK to your goals.” My interest was piqued and I began to *investigate and read more. This is an innovative concept and I like the behavioral psychology behind it!
How it Works:
1. Make a Commitment– Lose weight, exercise regularly, run a
marathon, quit smoking- whatever you want to accomplish.
2. Put a Contract on Yourself– Register on-line at StickK.com (no charge). Decide on a time-frame that you will complete your goal, then place a financial wager on yourself. If you accomplish your goal, you get your money back. If you don’t, your money goes to charity or to someone you have designated in advance. For an added incentive you have the option of selecting an “anti-charity”-An organization that you strongly oppose as the recipient of your money. By selecting an organization which promotes values that are the most contrary to your own, you increase your motivation factor expedentially.
3. Psychology – Behavioral research shows that people who put stakes – either their money or their reputation – on the table are far more likely to actually achieve a goal they set for themselves. Process Theory (Loss Aversion)- When it comes to incentives people work alot harder to avoid losing $10 dollars, than they will work to gain $10 dollars. Time Consistency – A situation where a person’s preferences for today are inconsistent with their stated preferences, or goals, for tomorrow. For example, I may prefer fried calamari tonight, even though my preference for tomorrow is to be slimmer. StickK.com founders, Yale professors Ian Ayres, an expert in contract law, and Dean Karlan, a behavioral economist say these are the behavior motivators that make StickK.com successful.
4. Support– You designate someone you know and trust to be your referee. This person acts as an independent third party, monitoring your progress and verifying the accuracy of the reports you submit. You can also designate other stickK users as your supporters. They are your cheering section. Supporters post encouraging messages in your Commitment Journal, the place where you make daily entries on your progress toward achieving your goal.
I’m going to sign-up; this is my goal & my commitment:
Goal: Exercise 5x a week
Time Frame: Six-weeks
Financial Wager: $50/week, total $300
Anti-Charity Incentive: I can’t tell you! But its a huge motivator to StickK to it; there’s NO WAY I want my money go to this organization!
Support: My friend, Carmen and the on-line commitment journal.
I’ll let you know how it goes!
