Accountability: The relationship between your health & finances

The best investment to make is in yourself.  

There are a number of behavioral research studies implying that a financial commitment is one of the strongest methods to elicit behavioral change.   It makes perfect sense and affirms the wisdom in the old adage "put your money where your mouth is".  One of our favorite examples is about Dean Karlan, a Professor of Behavioral Economics at Yale University and his weight loss story.  

Dean and his friend entered into a "Commitment Contract" that went like this: each individual was to lose 30 pounds over a series of nine months.  If either party should fail, they would pay the other $10,000.  

Not only did both people meet their target, they ensured the weight was kept off by increasing the level of accountability.  After reaching their target weight, they altered their commitment so that they could call one another into a weigh in at any date.  If either party was found to be over their target weight, they would have to pay over an agreed sum.  

Needless to say, both Dean and his colleague kept the weight off.  Dean is also one of the co-founders of the online goal setting tool stickk.com.  

Where you spend your money often shows where you are focusing your efforts.  We believe the most effective way to achieve your personal goals is through an extreme level of accountability with your team.   Nothing is free in life, and greatness never goes on sale.  Our role is to help keep you accountable and guide you through this journey, knowing firsthand how difficult things can be.  

 

“Founders Site.” StickK, www.stickk.com/founders#karlan.