The Secret of Success Revealed

It’s February, how many of you have already given up on your New Year’s resolution?  Or, if you are like me, you didn’t bother making a resolution because you knew you wouldn’t stick to it.  ExpertClick.com reports that ‘somewhere in the vicinity of 97% of New Year’s resolutions won’t be kept.’  That is a pretty staggering statistic, considering that MSNBC reports that nearly half of all American’s are making these resolutions and apparently giving up on them.  Some of us feel that it is noble enough to even take the step in making a resolution at all but most importantly, what resolutions are we making and is it important to do everything within our means to make sure that the resolution is eternally upheld?  Kimberly and Albrecht Powell published an interesting article on About.com that highlights the ‘Top 10 New Year’s Resolutions’, including some curiously new tasks such as enjoying life and getting out of debt – as well as the ever-popular losing weight and quit smoking resolutions.  Medical New Today states that in 2006, losing weight was actually the most popular resolution among women. 

StickK is a new Website beta that allows you to create “Commitment Contracts” that legally bounds you to sticking to your goals, whether they are for the New Year or for your lifetime.  StickK was founded by two Yale University economists that came to this interesting idea by a “deal” that they made amongst each other around their graduation date, by betting money against finally taking the weight off.  They founded StickK on the premise that people are more likely to continue working on their goals if something is wagered on a successful outcome.  Stick is pretty easy; you simply pick your goal, add your incentives such as money or your reputation, designate someone to be your “hall monitor” and choose who will be notified of your new venture and stand by your side to reinforce you.  Several users have already created a multitude of goals for you to easily choose from or you can start your own.

The most interesting aspect of StickK is that you are serious about sticking to your goal; wagering money on your goal is the way to go.  You put the money in your StickK account upfront.  As you set the timeline for your goal, if the goal step is not met, money is deducted from your StickK account and immediately sent to the organization, charity, political party, etc. of your choice.  The idea is to select an organization that is the opposite of what you support – so the thought of sending funds to them will be an inhibiting factor to your success.  The New York Times Freakonomics Blog gives an interesting point that you can make it a stronger contract by appointing a friend to tell StickK when you have failed, ensuring that you hold up on your end of the deal.  You are able to do it alone, however, you can’t cheat or you are just wasting your time.  Supporters are also a nice addition, allowing your friends and family to enter in nice messages cheering you on.

Oddly, StickK doesn’t cost a thing!  Economist.com reports that StickK plans to generate revenue through online advertising, goal-assisting products and health program companies.  “Over 1,000 contracts have been signed and over $50,000 has been put to stake.”  Frank Gruber from the Somewhat Frank Blog thinks it’s worth giving a try.  However, someone on Marginal Revolution thinks that the population doesn’t really want to change and/or give up control.

What do I think?  I keep saying to myself, I should start exercising.  Yet, when I think about creating a StickK contract and tracking it online, I can’t help but to tell myself that I should be out exercising instead of tooling around on the computer.  Right?  I know this may work for some people – after all, we have noticed people lose weight on The Biggest Loser with just diet and exercise – despite all the claims from drug companies that you need more than that.  Therefore, I give my thumbs up to StickK for a unique idea and a contribution to society.

The Secret