Sign Commitment Contracts and Reach Your Goals - Netted
Article • February 18, 2010

Sign Commitment Contracts and Reach Your Goals

Put a contract out on yourself (and achieve your goals) with stickK

Behavioral economics holds that people need proper “nudges” – incentives plus accountability– to change behaviors. (When Warren Buffett decided to go on a diet he offered to pay his relatives $10,000 apiece if he failed).

Putting this theory into action is stickK, a new service that encourages users to achieve their goals through the creation of “commitment contracts.”

To get started on stickK you simply declare a goal, create an account and set an end-date.

Then you put some skin in the game, in the form of a dollar amount that’s billed to your credit card if you fall off the wagon during the reporting period. (If you don’t make it, the money goes to a charity or whomever you designate, not the company).

In addition to the financial commitment stickK invites a referee into the process.  (This is a friend or supporter that you choose).

Why?  Because it’s the combination of having money and your reputation on the line that breeds success.

So stop procrastinating and be more like Buffett.