Someone encouraged me to sign up for one; but I declined. I didn't have $25 US to throw away.
I'd rather put my money in a jar and spend it later; than to do that. I'm at the stage where I seem to be more-or-less maintaining (a pound one side or the other), and I'm not going to try and commit to a 4% weight loss, on the hopes I'll get someone else's money (or a share of the pot if more than I reach the 4%).
But, to each their own - if that's something someone else wants to do - I say go for it
I like the bank idea that way you get to keep the money you invest into your account. Im weary of betting money on weight loss websites like that. I much rather give myself mini weight loss goals and provide myself with non food rewards like for example when I lose my first 30 pounds I want to reward myself with new tennis shoes.
Fitness Minutes: (76,885)
2,953 1/31/13 7:01 A
This just screams scam to me....I would stay away from it.
Fitness Minutes: (43,760)
4,585 1/31/13 1:33 A
I've read & heard news stories on this. What I heard sounded like it would work for some folks. Just a type of incentive that would hit your wallet - you meet your goal and you get your money back with interest; miss your goal and you forfeit the money you initially put down. Not that much different from an office Biggest Loser pool.
I also heard this week on the news about some credit unions and online bank accounts that are set up similar to a lottery - you put in a small amount on a regular basis and you are eligible for a jackpot drawing. The difference is you ALWAYS have the money you put in. It's an effort to encourage people to save. For example, my sis has always spent every penny she makes (and then some). She never has anything to fall back on when those inevitable emergencies happen. But she buys a lottery ticket just about every week. So would something like this encourage her to take that $2 and put it in savings? She'd still have a chance of winning a jackpot (smaller than the big lotteries, but still a decent return)...AND she'd have the $ she put in. Interesting concept.
Edited by: OBIESMOM2 at: 1/31/2013 (01:34)
Fitness Minutes: (4,680)
94 1/30/13 8:30 P
Doing some googling. I stumbled on a few sites that allow you to place a bet on yourself that you can lose a certain amount of weight. If you win. You win big.
Is this even legal? Sounds a little shady to me. Anyone ever done this before?
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