Have you ever made a goal and resolution only to fall short? Come on, admit it, we all have. I’m way behind on my goal to complete a Personal MBA this year. Motivation is the main reason why we don’t finish what we start. In my case, I am struggling with sitting and reading anything longer than a web page – a requirement to complete the Personal MBA. I lack the motivation.
Now I have a solution. A website called StickK allows you to “put a contract on yourself.” Here’s how it works…
You set up a goal. You tell people about your goal and appoint a judge to determine if you’ve reached it. That’s simply enough, right? Nothing too revolutionary there. Here’s the kicker – you put your money where your mouth is. The website has tools to allow you to put money in escrow. You only get it back if you accomplish the goal. You designate where it goes if you fail – it could be to a friend or a charity. However, the best plan is a charity or organization that you hate. Here are some possible scenarios:
- Bill wants to run a marathon. He’s very much into politics and finds himself firmly in the Democratic philosophy of thinking. If he doesn’t run the marathon by the date he set up, his money goes to the Republican party.
- No Credit Needed decides that for the 4,623th time he’s going to try lose weight. He is firmly against the use of credit. If he doesn’t meet his weight-loss goals, he invests in MasterCard and Visa stock.
- Lazy Man wants to boost readership of this site as well as Lazy Man and Health. He sets a goal of having a 750,000 visitors to his sites in 2008. He’s a big New England Patriots fan. If he doesn’t reach the visitor goal he gives up the dream of creating a time machine for the sole purpose of going back and preventing Archie Manning from procreating. Scratch that, let’s say the penalty is buying and wearing a Peyton Manning shirt for a day when he goes back to Boston.
Do you think that Bill, No Credit Needed, or Lazy Man are going to put an extra effort to reach their goals? Oh you best believe it.
Would you be willing to take a contract out on yourself?
No Debt Plan says
I think it’s a great idea. Talk about a constant reminder — “Those evil republicans!” “Ahhh, no money to the credit card companies!”
Does it let someone else control it? If it is relatively easy to say “oops, yea, sure I completed that goal…” then it might not have as much use.
Lazy Man says
Yes you appoint a judge and that person decides if you completed the goal or not.
Brip Blap says
I’d have to have my failed-goal money go to the Bill Belichick Wardrobe fund. Or maybe just a general contribution to Massachusetts sports in general. It’s a good idea except it requires some nerve-wracking effort to set it up in the first place…
Anthony Imperioli says
Leverage is a great way to get you in line with your goals.
Rob W says
Wow sorry to hear you’re a Patriots fan.