My $3000 Weight Loss Bet

by Andy Hough on April 16, 2014

If you have been reading this blog for a while you probably know that I’ve been wanting to lose weight for years, but have never had any success losing weight.  I even had a $500 weight loss challenge a few years ago where I promised to give away $500 if I didn’t lose 40 pounds by the end of the year.  I didn’t even come close to losing 40 pounds and ended up giving away the $500.  Apparently, the fear of losing $500 wasn’t enough to motivate me to lose weight.

Despite my past results I am once again making a bet to motivate myself to lose weight.  This time I have upped the ante. Since $500 wasn’t enough to motivate me to lose weight I am now betting $3000 that I will lose 25 pounds in six months.  The bet was made with Healthy Wage.  I wrote about Healthy Wage a couple years ago.  They are a company that allows you to make weight loss bets. If my weight loss bet is a success they will pay me $3600.  That would be a profit of $600 for me since the $3000 is just a return of my own money. I’m thinking that the fear of losing money and the reward of winning money will get me to lose weight.  Since I had to pay the $3000 upfront I’m also motivated to get my money back.

I’m starting my hike tomorrow which will be my main method for losing weight.  I’m thinking that once I have my weight loss jump started by hiking I will be able to continue to lose weight when I return to everyday life.  Since I can’t hike forever I do eventually need to get in the habit of eating better and exercising more when I’m at home if I’m going to be successful at losing the weight and keeping it off.  I will give updates on my progress (or lack thereof) during the next six months.  Check back in six months and hopefully you will be reading a post about me winning this bet.

 

{ 5 comments }

Free Berkshire Hathaway 2014 Shareholder’s Meeting Ticket

April 14, 2014

I have three extra tickets to the 2014 Berkshire Hathaway 2014 shareholder’s meeting.  Rather than let them go unused or trying to sell them for a few bucks on eBay, I have decided to give them away to my readers. If you plan to attend the meeting and would like a ticket just leave a […]

Read the full article →

March Savings Rate – 77.72%

April 10, 2014

In March I made $2959.78 and saved $2300 for a savings rate of 77.72%.  That savings rate is artificially high due to my having some extra money in my checking account at the end of February that was added to my savings in March.  Plus I took advantage of two different bonus offers from Motif […]

Read the full article →

March Income – $2959.78

April 7, 2014

Here is a breakdown of my income for March. Online Income $425.20 Interest $4.74 Dividends $62.87 Cash Back $21.66 Job $2433.31 Mystery Shop $12.00 Total $2959.78 March was a good month for income although not as good as February. That isn’t too surprising since I didn’t get a $1000 tax refund in March like I […]

Read the full article →

March Expenses – $884.89

April 4, 2014

Here is a breakdown of my expenses for March. Household $400.00 Entertainment $129.55 Transportation $147.65 Food $124.17 Phone $26.81 Health $56.31 Total $884.89 My March expenses were nice and low.  This is the second month in a row that not only did I make my normal goal of keeping my expenses under $1000 a month, […]

Read the full article →

March 2014 Goal Recap

April 3, 2014

I set several goals for myself in March. My goals were to write a post for BankBonuses.com every day, write 300 words a day, exercise at least twice a week, and get rid of at least 31 items. I did manage to write a post for Bank Bonuses every day. Well, actually some days I […]

Read the full article →

My Student Loan Repayment

March 30, 2014

My law school loans have been on income based repayment. Since my income has been so low since graduating law school my monthly payments have been $0. Last year I had a good year for income and as a side effect of that my law school loan payments are no longer $0. For the next […]

Read the full article →

March 2014 Goal Update 2

March 20, 2014

I thought I would post one more update on my goal progress for the month. The next goal update after this will be a post in early April reviewing how I did on my March goals. My goal of exercising twice a week is still being met. If I had set a goal of exercising […]

Read the full article →

To Fincon or Not to Fincon

March 13, 2014

I have been debating whether to attend FinCon or not this year. I went to the 2011 FinCon and enjoyed it, but missed out on a lot of the activities because I was also working the that weekend. I decided to skip the 2012 FinCon because I was too broke for it be sensible to […]

Read the full article →