Comments on: Better Financial Motivator: Stick or Carrot? http://www.mymoneyblog.com/better-financial-motivator-stick-or-carrot.html Personal Finance and Investing Blog Sun, 12 Feb 2012 01:43:13 +0000 hourly 1 By: Jays Cash Blog http://www.mymoneyblog.com/better-financial-motivator-stick-or-carrot.html#comment-166931 Jays Cash Blog Sun, 25 Jul 2010 14:33:02 +0000 http://www.mymoneyblog.com/?p=8532#comment-166931 Now that sounds like motivation to save that money. Some people spend money like it is going out of style, this would be the perfect stepping stone for one of those people who want to change their ways. Sounds like a good program I will tell a few people about this who are spend happy... Thanks! Now that sounds like motivation to save that money. Some people spend money like it is going out of style, this would be the perfect stepping stone for one of those people who want to change their ways. Sounds like a good program I will tell a few people about this who are spend happy… Thanks!

]]> By: Attorney http://www.mymoneyblog.com/better-financial-motivator-stick-or-carrot.html#comment-166921 Attorney Sun, 25 Jul 2010 04:43:40 +0000 http://www.mymoneyblog.com/?p=8532#comment-166921 The punishment might work for some, but I prefer the rewards route. I can see giving myself $250 for reaching a certain investment level, but to give someone else $250 when I don't reach that level? No way. The punishment might work for some, but I prefer the rewards route. I can see giving myself $250 for reaching a certain investment level, but to give someone else $250 when I don’t reach that level? No way.

]]> By: Karen http://www.mymoneyblog.com/better-financial-motivator-stick-or-carrot.html#comment-166897 Karen Fri, 23 Jul 2010 19:34:59 +0000 http://www.mymoneyblog.com/?p=8532#comment-166897 Regarding the type of reward you may set, I learned that, at least in fitness goals, you should dissociate the reward from the goal, otherwise you'll just be setting yourself back a couple steps and won't enjoy the reward. For example, when I was trying to lose weight, I rewarded myself with a new workout outfit instead of indulging in that extra scoop of ice cream. For finance, if you reach your savings goal, the reward could be your significant other giving you a massage, or spending a weekend being lazy at home, nothing that costs money. Regarding the type of reward you may set, I learned that, at least in fitness goals, you should dissociate the reward from the goal, otherwise you’ll just be setting yourself back a couple steps and won’t enjoy the reward. For example, when I was trying to lose weight, I rewarded myself with a new workout outfit instead of indulging in that extra scoop of ice cream.

For finance, if you reach your savings goal, the reward could be your significant other giving you a massage, or spending a weekend being lazy at home, nothing that costs money.

]]> By: Patrick http://www.mymoneyblog.com/better-financial-motivator-stick-or-carrot.html#comment-166887 Patrick Fri, 23 Jul 2010 16:53:21 +0000 http://www.mymoneyblog.com/?p=8532#comment-166887 This seems like a good idea and lots of people will surely jump on...but really, it is not a good idea to tie personal goals to financial rewards/punishments in this manner. Daniel Pink, author of "Drive, The Surprising Truth about what Motivates Us" discusses this and other common motivators that don't turn out how we think they should. I recall reading about a therapist who tried the money punishment method with a client to help him break an addiction. In the end, the therapist realized that this was the wrong way to go about solving the root of the problem. It was not a proper motivator. It may have seemed to help for a while, but was not a solid plan. The website incorporates the real, tried and true method of reaching your goals. 1) writing them down, 2) accountability with someone you trust and then adds the money contract to the mix to make it more interesting and appealing to some people. Maybe I'm wrong and the website will be a resounding success. That would be great. We need more websites that help us reach our dreams. This seems like a good idea and lots of people will surely jump on…but really, it is not a good idea to tie personal goals to financial rewards/punishments in this manner. Daniel Pink, author of “Drive, The Surprising Truth about what Motivates Us” discusses this and other common motivators that don’t turn out how we think they should. I recall reading about a therapist who tried the money punishment method with a client to help him break an addiction. In the end, the therapist realized that this was the wrong way to go about solving the root of the problem. It was not a proper motivator. It may have seemed to help for a while, but was not a solid plan.

The website incorporates the real, tried and true method of reaching your goals. 1) writing them down, 2) accountability with someone you trust and then adds the money contract to the mix to make it more interesting and appealing to some people.

Maybe I’m wrong and the website will be a resounding success. That would be great. We need more websites that help us reach our dreams.

]]> By: Khaleef @ KNS Financial http://www.mymoneyblog.com/better-financial-motivator-stick-or-carrot.html#comment-166884 Khaleef @ KNS Financial Fri, 23 Jul 2010 15:26:40 +0000 http://www.mymoneyblog.com/?p=8532#comment-166884 Wow, that is a great idea! I think that would push a lot of us to be more committed to our goals. Sometimes forced discipline is necessary! Wow, that is a great idea! I think that would push a lot of us to be more committed to our goals. Sometimes forced discipline is necessary!

]]> By: WillSamolis http://www.mymoneyblog.com/better-financial-motivator-stick-or-carrot.html#comment-166877 WillSamolis Fri, 23 Jul 2010 12:17:35 +0000 http://www.mymoneyblog.com/?p=8532#comment-166877 Nice idea though I'd rather donate to a random charity then one I am wholeheartedly against. Nice idea though I’d rather donate to a random charity then one I am wholeheartedly against.

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