"It's simple: join or organize a pool with friends or co-workers, or set up a pool for your favorite charity. Everyone puts their money into escrow (there is no "house" cut). After a pre-arranged period of time, whoever's closest to his or her target weight*, percentagewise, takes the pot."
http://www.makemoneylosingweight.com/
What is this about? Is it legit? What behavioral principles are they using to help people lose weight?
"Well, I guess you can make your deal if you have $500 to spare." I read through the information on http://www.makemoneylosingweight.com/ and the linked article from the Wall Street Journal http://www.opinionjournal.com/taste/?id=110011081&mod=RSS_Opinion_Journal&ojrss=frontpage and was struck by the waitress' comment. As usual, losing weight and becoming more "fit" is one of my New Year's resolutions. Personally, I would be much more motivated to lose weight if I could earn some money for each pound I dropped. And, I agree with the website that competition can act as a motivator. However, I'm a broke college student and I really don't trust this organization's claim to be "free." I tried to look around on the website and find more information about how members receive their monetary rewards, but it seemed like I had to become a member before I could find out any more. Weird. I also have a bit of a guilt complex and would feel guilty for taking money from my peers if I lost a certain amount of weight. So is this website's claim legit? Maybe ... if the person who wants to lose weight is willing to become a member and compete against their friends. And, if the person losing the weight has $500 to bet to their weight loss.