Carrot or stickK?

Last month I wrote about how only 12% of us are able to maintain our new years resolutions and how Professor Richard Wiseman suggests defining exactly what you will do, where you will do it and when you’ll do it as key to whether you are successful or not.

Now economists Ian Ayres and Dean Karlan have taken it a step further by launching a new website StickK.com. The theory is that good old-fashioned financial incentives are the most effective tool for motivating people to meet their goals, in this case it’s the risk of losing substantial amounts of money if you fail. StickK.com is a free to join website where you choose your goal, choose your stake and even select who you want as a third-party referee to rule on whether you have succeeded or failed.

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What I will do, where I’ll do it and when

A visit to the gym today reminded me just how challenging it can be to stick to new years resolutions. Just a few months ago it would only have been me and a few others in an otherwise deserted gym on a Sunday morning, but because it’s January there was probably ten times that amount this morning.

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What happened?

It’s been over 6 months since I last wrote on this blog so I don’t blame you for asking ‘what happened?’. I guess the simple answer is that I lost motivation but it’s far harder to explain why, although I will try by describing the story so far (and where I go from here).

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January summary

Well the first month of my adventure is over and I am happy with the start I have had earning £77.64. However continuing to earn at this rate means it will take me another 1073 years to complete my challenge and become a millionaire. So over the coming months I have to improve my monthly earnings substantially if I am to become a millionaire in the near future. So I have devised a plan…

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Let the adventure begin

Today I embark on an adventure to become a millionaire. I have no idea where this journey will take me or what challenges lay ahead.

If you are an early adopter of my blog then I hope you enjoy reading millionaire adventure and I wish you a happy new year!