NEW HAVEN, Conn. (WTNH)– We’re a month into the New Year. Are you sticking to what you set out to do? Well, to help folks really commit, a Yale Professor started a website called Stickk and it takes away your money if you don’t meet your goals.
So the premise behind this is basic motivators, rewards and punishments. Or as Dean Karlan calls them carrots or sticks. So, he created the website called Stickk where you set a goal and hand over your credit card information. If you don’t reach a certain milestone, the website charges your card.
You choose where the money goes too, you can pick from a list of charities or even promise the money to a friend or family member. If you really want to stay accountable, you can choose a referee to monitor how you’re doing.
“And for some people this is actually more effective than the money. The money doesn’t matter too much, they’re nervous putting money up, but if you have a friend to hold them accountable and has the power to say you failed, you succeeded. That is more powerful for them,” said Dean Karlan, Stickk Co-Founder.
They don’t keep track of a success rate, but since 2008 the website says 300,000 commitments have been created and about $24 million have been put on the line.