Why I Bet $490 dollars on My Own Weight Loss and Why My Crackpot Idea Isn’t That Crazy

Over the last 6 years, I’ve gained 30 pounds.  It really creeps up on a person and the next thing you know… BAM!  You’re older, your body doesn’t work the same way, work and family change, and you start wondering how to get back in shape.   Like me, perhaps you went from a beacon of fitness to a bacon of fitness.  I read a few articles about apps like Healthy Wage and Diet Bet, but couldn’t wrap my head around the idea that people would bet money on their weight loss.  Frankly, it sounded like an internet scam.   But, this morning I decide to bet on myself using the Healthy Wage.

How It Works – You decide how much weight you want to lose and over what period of time.  Then, you put your money where your mouth is and decide how much money each month, or overall, you are willing to bet.  You can also decide on whether to bet on your fitness through an individual bet (which I’m doing) or a group bet.  The apps have pretty good rules to verify your weight and ensure nobody is cheating, so no this isn’t easy money.  Based on the company’s formula on how likely you are to succeed based on your current weight and goals, they calculate how much a “return” you will win if you win your bet and lose the weight.

Where Do My “Winnings” Come From? – How the hell can a company pay someone to lose weight?  Think about how many people buy gym memberships, go twice, and then still have that monthly fee taken out of their account all year.  Yep, it’s ingenious.  Most people will bet that they can meet their weight loss goals, but let’s face it – most people give up along the way.

 My Bet and My Numbers – After some careful thought, I decided to bet $70 a month, for a total of 7 months, that I will have lost 30 pounds by the end of 7 months.  You can bet more and get higher possible returns on your bets, whatever you are comfortable with.  I decided on the 7 month time frame because I already wanted to lose 30 pounds before my wedding on the first weekend of July 2017.  Over the next 7 months, I will bet a total of $490.  My estimated total payout if I win the bet is $806.32, meaning a $316.32 gain according to the site.  Not too bad at the end of the day!  But, if I don’t lose 30 pounds, I don’t get a dime AND I lose the $490 that I originally bet.

Understanding What REALLY Motivates You – Money motivates me, for some things in life.  Fitness for the sake of being healthy is great, but it isn’t enough for me.  I know it should be, but it’s not that easy.  I wear a Fitbit, but it is passive data collection and a fun gadget more than a challenge to myself.  You need to have a really honest self-conversation about what motivates you, and then go from there.  My wedding is a hell of a motivator, BUT Healthy Wage is a health motivator that speaks my language.  It would be amazing to earn some extra honeymoon spending money, but I also HATE losing money.  When you know what motivates you, you can use that personal knowledge as fuel in how you approach life goals.

WHY? – If you are going to bet on anyone in life, why wouldn’t you bet on yourself?  If you can’t, then you need to ask what’s holding you back and decide what to do about it.  Then, you need to DO something about it.  This lesson isn’t about fitness or weight; it is about self-understanding, awareness, and life goals.

Now What? – I have no intention of losing a “friendly” wager with myself. I don’t like losing and I don’t plan on losing this bet.

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