Miranda: Want to up the ante with your goals? Put your money where your mouth is

You may have heard of the new website www.stickk.com, which has been making noteworthy media waves. The site’s concept is that users are motivated to stick to their stated goals by putting money–their own money–on their success. While wagering cash is not required, if you set up your “contract”  accordingly, missing your goal can mean that an organization you preselected (one that you find distasteful) gets your cash. The user interface is friendly and appealing. Here’s an excerpt from a Boston Globe piece:

A new website created by two Yale professors asks self-improvers – anyone from smokers who want to quit to runners trying to get in shape – to post their names and promises for everyone to see.

Those who slip get black marks. Some additionally opt to put up cash wagers and agree to forfeit their money to a charity they choose, preferably one they don’t like, if they don’t live up to their pledges.

“What we’re doing is raising the price of bad behavior,” said Dean Karlan, a 38-year-old Yale professor of economics and cofounder of the site.

Since its launch two months ago, stickK.com (stick, as in “carrot and stick,” and K, the legal shorthand for “contract”) has attracted some 13,000 registered users, 5,500 of whom have signed contracts.

Registration is free. Find out more at www.stickk.com.

I’ve already registered, although I’m not ready for a hardcore commitment like this just at the moment. In a few months, however, I’ll definitely be creating a contract or two. Loose baby weight? Check. Finish book? Check. Start training for marathon? Hmmmm……