How much would you bet on yourself?

Yesterday I stumbled across a smartphone app called DietBet.  Participants put down their hard-earned cash with the hope they’ll earn it back at the end of the challenge to lose 4% of their body weight in a month.

You essentially join a group or challenge by betting the required amount, keep tabs on your challengers and then split the pot between successful dieters.  Some of the pots run into the thousands, however with the size of the groups it’s unlikely to be a life changing win and more a token gesture.  The losers (or non-losers) pick up the tab.

The motivation of course is not to lose your stake.

I am in no way, shape or form looking to lose weight but the psychology underpinning the app is of interest and a classic technique.  Placing the bet of course creates ACCOUNTABILITY and commitment towards the goal.  A well researched and critical component in objective setting.

So is there something you want to achieve?  A marathon, weight loss, starting a business, learning a language, travelling the world or anything else?  If there is, define it and tell anyone that will listen about it, post it online, join a group or find an accountability partner.  Then get to work.

Your chances of success will increase dramatically in the knowledge there is a community, someone or something cheering you on from the sidelines - but a consequence of non-action.

Create accountability by betting on yourself to win.

What have you got to lose ?