It’s the rare dieter who didn’t experience a twinge of envy when looking at the grand prize winners on NBC’s “The Biggest Loser.” They were slim, happy and clutching a fat check.
We’d all like to earn a major bonus for hitting our target weights. Good news: We can.
Numerous programs enable you to bet on your own weight-loss goal. Generally, if you reach the goal, you win money. However, if you miss the goal, you lose money.
The programs vary, but they help you — and in some cases your teammates — reach goals by offering accountability, games and cash.
Shed pounds, gain dollars
Greg Topple was one of five members of a team that did a weight-loss challenge through a program called HealthyWage.
Topple told Money Talks News:
“Having teammates, they were there to give me a hug or a swift kick when I needed it, and everybody on the team ended up losing at least 10%.”
Topple lost 42 pounds after putting up $70 in a bet on his weight-loss goal. He got his $70 back plus an additional $65.
Other people have won thousands of dollars by betting on their weight-loss goals through HealthyWage. How much money you stand to win depends partly on how much money you’re willing to wager.
Science supports the idea of monetary rewards for weight loss.
For example, a Mayo Clinic study found that financial incentives prompted 62% of dieters to complete a weight-loss program and to lose an average of 9.08 pounds. In contrast, only 26% of those without cash on the line completed the program, losing an average of 2.34 pounds.
Unlike contestants on “The Biggest Loser,” you won’t be required to leave your family, home and friends to participate in programs that offer financial rewards for weight loss.
True, you won’t have the support of “The Biggest Loser” trainers and medical professionals. If you choose to take the team approach, however, you can get encouragement from teammates.
Ready to get rewarded for your weight-loss efforts? Here are some programs currently offering such rewards:
- HealthyWage: You can enroll in personal or team challenges. What you win depends on variables such as how much weight you lose, how long it takes you to lose it and how much money you put up. To get an idea of how much you could earn, play around with HealthyWage’s prize calculator.
- StickK: This goal-setting platform is based on the work of a Yale University professor of behavioral economics. You can customize goals and put the details — including any stakes — into writing with a “Commitment Contract.” If you wager money and fail to reach your goal, the money goes to a recipient of your choice.
- DietBet: This program uses both financial incentives and challenges that it refers to as “games” to help you stick to your commitment. If you’re interested in losing weight by making running a habit, check out the related program RunBet.
Whether you choose one of these programs or a different one, the bottom line is the same: The only thing better than losing weight is gaining some cash while you do it.
Have you tried any of these programs or another one like them? Share with us in comments below or on our Facebook page.