[SkyPuncher]

I read a research paper recently that basically suggested this approach is even less likely to have you succeed.

Essentially, when you externalize a reward, people are less likely to want to continue doing the thing. I suspect this is similar, but it’s externalizing the loss. If you’re not already invested in succeeding, this isn’t going to change that.

[mcmoor]

I've challenged myself to a subscription that'll waste my money if I don't commit to it. Just to see if money can get me off my ass.

After 3 years wasting it, I can confirm that my ass is heavier than money.

[grotorea]

Isn't that the gym subscription for a New Year resolution problem?

[ratg13]

Also the people that have the hardest time completing their goals tend to be people with ADD/ADHD and basically every study shows that these people are not motivated by rewards.

Also with an app like this, there are no good controls. The only motivation is not losing your money, so you just fake a victory to prevent any loss.

In fact, if there is anyone not meeting their goals and losing money .. the motivation for many people will be to buy into many challenges and collect free money by faking victories.

[andrewpolidori]

I'd be interested in reading more about the studies done on that group! Any particularly interesting ones or places to check?

[lolc]

The way I see it, this is not about money but about group validation. By communicating a goal to your peers, one creates external reasons to persevere. I think the money is secondary, just the clientele of this app is easy to reach that way, because they think "no better motivator than money".

[jdlshore]

The problem is extrinsic motivators (which includes group validation), not money specifically. Extrinsic motivators destroy intrinsic motivation, even when the recipient is highly motivated. I remember reading about a study in Alfie Kohn’s “Punished by Rewards” which describes kindergartners losing interest in coloring (!) after being offered a reward for coloring.

[Darge]

Do you have any recommendations on how to achieve your goals?

[ratg13]

This depends on what your specific problems are that are holding you back.

General advice is to start with common techniques .. getting things done, pomodoro, etc.

Building good habits is the best thing you can do, because you no longer need motivation once you have a habit.

Charles Duhigg's "The Power of Habit" is a good place to start with that concept.