Indistractable Chapter 24

Chapter 24, Prevent Distraction with Price Pacts

Price pacts are about adding an uncomfortable financial wager to motivate the kind of behavior desired. Eyal discussed a smoking cessation group with a goal of 6 months' of no smoking. They were given different motivations.

Group 1 was the control group, who were offered free nicotine patches and educational resources.

Group 2 was offered $800 if they stopped smoking.

Group 3 had to make a precommitment of $150 with a pledge to stop smoking for 6 months, but if they hit their goal, they are rewarded with $650 along with the $150 back.

The percentages of success?

Group 1: 6%
Group 2: 17%
Group 3: 52%

Several years ago, I entered in a few price pacts for weight loss, called DietBet. It was successful, and plenty of people lost weight, but not everyone. I would put in $30 and would routinely get back $40 - $50 for the month due to the people who had paid in but not hit their goal. I managed to lose 15 pounds or so, but as I got closer to my goal weight, it was more difficult to lose and I just got bored with the process, so I got rid of the last 10 pounds by doing both running and Tae Kwon Do.



Chapter Summary:


  • A price pact adds a cost to getting distracted. It has been shown to be a highly effective motivator.
  • Price pacts are most effective when you can remove the external triggers that lead to distraction.
  • Price pacts work best when the distraction is temporary.
  • Price pacts can be difficult to start. We fear making a price pact because we know well hve to actually do the thing we're scared to do.
  • Learn self-compassion before making a price pact.


Coronavirus update:

Wake County is going to stay-at-home orders on Friday, March 27th. The US now leads the world in number of cases, and the world has more than half a million cases.


Comments

Popular posts from this blog

Blue Cross Blue Shield and the OTC Gift Card

Board games and near the end of the gym challenge

Halloween Party and my costume