Commitment Contracts

I heard it on NPR this morning and read a similar article in the LA Times a while ago--serious money to back serious commitments. I am going to do it.

Here are my goals:
1. Drop down to 160 lbs in 6 months (currently 180+)
2. Run a half-marathon at a 6:30 pace within 6 months (current personal best ~7:45)

I will bet someone $1,000 - $2,500 that I will do both. In turn, I will accept a bet from you for the same amount for similarly challenging goals. If we both meet our goals, we both make out like bandits. The goals don't have to be exercise oriented, but they have to be challenging.

Terms:
- Starts May 1st for 6 months.
- Money is paid in cash on May 1 to a third party to hold in an interest bearing savings account (volunteers needed www.stickk.com)
- There is a force majeure clause but no other exceptions are allowed
- Optionally, if only one party wins we can specify that the third party must donate the amount to a charity the other hates (e.g. Republican National Committee, PETA, etc.) to avoid the awkwardness of spending the money, to debunk the rationalization that at least they are giving to charity, and to eliminate the tax benefit (if the recipient claimed it as a write-off, he would have to claim it first as income and it would be a net cost for him).

I know that is sort of pricey, but it has to be enough to really hurt. My lower limit is too high, you can double up bets--two people bet $500 each to match a $1,000 bet. Or if my limit still isn't in your true pain threshold, I can team up with someone to match your higher offer.

Betsy, Bruce, Bonny I am thinking of you here. Seriously. We each pony up $1,000--I think that would encourage some commitment. If not, keep adding thousands until you get scared. It would not be as easy to sleep in Saturday mornings or indulge in a 1,000 calorie burrito. Think of all the blog posts that you would be able to write on this. Think of having to tell your kids that they can't take dance lessons / go on vacation / eat dinner because Mom likes dessert too much or Dad made excuses not to go running.