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FAQ - Commitment Contracts - Stakes
What are stakes?
Stakes are the financial and reputation based incentives that you put on the line in a Commitment Contract. Adding stakes are a great way to better your chances for success, as they hold you more accountable to your Commitment. In other words, adding stakes is simply raising the price of failure.
When creating your Commitment Contract, you can decide how much money (if any) you will put on the line, which Supporters you'd like to add (Supporters receive emails updating them on your progress), and who will receive the money (Recipient of Stakes) if you are unable to keep your Commitment.
When creating your Commitment Contract, you can decide how much money (if any) you will put on the line, which Supporters you'd like to add (Supporters receive emails updating them on your progress), and who will receive the money (Recipient of Stakes) if you are unable to keep your Commitment.
What's the most I can put at stake?
How much you got? (Just kidding)
But seriously, choose the amount you feel will provide the greatest incentive to succeed. stickK has set a minimum of $5 per reporting period for any contract.
But seriously, choose the amount you feel will provide the greatest incentive to succeed. stickK has set a minimum of $5 per reporting period for any contract.
What is a Recipient of Stakes?
The Recipient of Stakes is the person or organization that you elect to receive your money if you are unable to keep your Commitment.
stickK will send your Recipient any forfeited stakes as soon as your Commitment Contract is complete.
What are my options when choosing a Recipient of Stakes?
It's completely up to you. Choose a Friend or Foe, Charity, or Anti-Charity.
If you want to choose a Friend or Foe, simply type in his or her stickK user name or email address and we will let him or her know they have been chosen as a Recipient of Stakes.
To choose a Charity, pick the "Charity" option from the drop down menu when adding stakes to your Commitment Contract. To read more about the Charity option, click here.
For Anti-Charities, you get to choose the organization. First, select "Anti-Charity" from the drop down menu when adding stakes to your Commitment Contract. Pick the organization whose views you most strongly oppose, and you'll work that much harder to ensure they never see a dollar of your hard earned cash. For example, depending on your political persuasion, you could choose either the George W. Bush, or William Jefferson Clinton Presidential library as your Anti-Charity.
If I pick a Friend/Foe as my Recipient, do they have to join stickK?.
Yes, they do. In order for your Recipient to collect funds from stickK, they must have an account. This allows stickK to contact your Recipient via email when the funds are ready and collect a Paypal account where the money can be sent.
But not to worry, as the Recipient of Stakes, your Friend/Foe does not have to make a Contract of their own, and does not have to participate in your Contract in any way. Your Recipient will only be asked to accept any failed stakes once your Contract is complete.
What are my options when choosing a Recipient of Stakes?
If you want to choose a Friend or Foe, simply type in his or her stickK user name or email address and we will let him or her know they have been chosen as a Recipient of Stakes.
To choose a Charity, pick the "Charity" option from the drop down menu when adding stakes to your Commitment Contract. To read more about the Charity option, click here.
For Anti-Charities, you get to choose the organization. First, select "Anti-Charity" from the drop down menu when adding stakes to your Commitment Contract. Pick the organization whose views you most strongly oppose, and you'll work that much harder to ensure they never see a dollar of your hard earned cash. For example, depending on your political persuasion, you could choose either the George W. Bush, or William Jefferson Clinton Presidential library as your Anti-Charity.
If I pick a Friend/Foe as my Recipient, do they have to join stickK?.
Why would I choose a "Foe" as my recipient of stakes?
Wouldn't it just kill you to hand over your hard-earned money to someone you can't stand? That's a pretty strong incentive to achieve your goal now isn't it?
Does all of my failed money go to my intended recipient?
stickK will send all of the money you forfeit, minus the transaction fees and accounting costs we incur, to your designated recipient at the end of your Commitment Contract. For more information, check out our Terms & Conditions.
When does my Recipient of Stakes get the money that I lost?
I know myself, and no amount of money could possibly make me change my behavior or reach my goals.
We offer financial contracts to let you choose the cost at which failure is simply not an option. Bottom line, everyone has a price. What's yours?
