HealthyWage: Make Money Losing Weight. Bet?

HealthyWage: Make Money Losing Weight. Bet?

This post may contain affiliate links, which means I might make a small commission at no additional cost to you.
Want to make hundreds and up to $10,000 for losing weight? Healthywage allows you to bet on your own weight loss. #healthywage #financialindependence #makemoney #savemoney #weightloss

Everyone talks about weight loss all the time. Yet it’s so hard to get healthy and lose that weight. HealthyWage is looking to change that.

Diets and exercise come and go, yet getting healthier and actually losing that extra weight is so difficult! HealthyWage allows you to make a bet on yourself to lose weight. You can win up to $10,000 per wager. If money isn’t a great motivator, what is?

HealthyWage

What Is HealthyWage?

HealthyWage was created nearly a decade ago in order to incentivize people to lose weight. Research shows that people are more likely to do something when they are doubly incentivized. With HealthyWage, you’re getting healthy by losing weight for yourself, while also reaping a monetary benefit of up to $10,000 if you win.

Healthywage will pay you to lose weight by letting you bet on your weight loss. You set your weight loss goal for between 6-18 months. You can either pay a fixed amount each month until the end of your bet or the full amount when you start. If you win the bet by losing all your weight, you get all your money back plus a prize. If you lose, you don’t get the money back.

You can see them mentioned in the below news and press articles.

HealthyWage mentioned in the press and news articles.
HealthyWage mentioned in the press and news articles.

How Do I Make A HealthyWage Bet?

1. Figure Out Your Bet – Play With The Calculator!

I checked out the site and entered my numbers in their bet calculator to calculate my bet. You can always start small, with just 20 pounds. 6 months is the least amount of time you can bet. That’s just 3 pounds a month to lose, or 0.75 pound per week. I put down $500 a month because $500 x 6 months = $3,000, and that’s very pretty painful amount of money for me to lose. Or anyone, I hope!

Use the HealthyWage bet calculator to see the best bet for you.
Use the HealthyWage bet calculator to see the best bet for you.

2. What Kinds Of Bets Can I Make On HealthyWage?

Bet Length: Each Bet is 6-18 months long

Bet Amounts: $5-$995 each month

Weight Loss: You can bet to lose 15-200 pounds, or bet losing a 10 percent minimum of your current body weight

Though they don’t tell you exactly what the algorithm behind the HealthyWage bet is, you can see how it works through the winning data on this page, so it was helpful for comparing data points.

Weight: Obviously, the more weight you were trying to lose, the higher your yield on payout.

Time: The more time you take to lose it, the lower your yield is on payout.

Dollar Amount: The higher the amount you bet, the less your yield. I’m assuming the data scientists realized how critical loss aversion was.

I found it odd that the algorithm didn’t ask your gender, starting weight, ethnicity, zip code, etc. as that data would probably be invaluable to future bet calculations.

3. Is The HealthyWage Bet The Best? – If Not, Redo Your Bet

On the second page, you’ll see what the payout is. For me it was 11 percent of my original bet. Since my bet is 6 months long, I calculated the winnings as a 22 percent return. That’s a crazy good return for something that is entirely within your control. You work out and diet, and you either win the bet or not. Everything is on you. In a way, if you can buckle down and diet and exercise, it’s a guaranteed payout. Low risk, crazy high reward if you actually apply yourself.

If you’re not willing to put in the work though, there’s a high chance you’re going to lose a lot of money.

HealthyWage will tell you how much it'll payout on the second page.
HealthyWage will tell you how much it’ll payout on the second page.

4. Lose Weight and Win The HealthyWage Bet!

You won’t get emails or videos telling you to eat healthy and go to the gym from HealthyWage.

There won’t be any weekly or monthly check-ins. You’ll have to focus on actually eating healthy and going to the gym.

5. Refer Friends! $40 Boost Per Friend Who Joins HealthyWage

You get $40 per friend you refer to HealthyWage. Once you join, you’ll get a special link to share. If your friend joins via your link, you’ll get an extra $40 if you win your bet.

It’s a great idea to do a weight loss bet together because you’ll be motivating each other. If you’re doing a weight loss bet by yourself, it’ll be hard to tell a friend why you’re eating super healthy at brunch while they’re throwing back mimosas and digging into hearty brunch dishes.

If you’re doing the HealthyWage bet with a couple of friends, you can motivate each other and cook healthy dishes at home when you get together. You can also band together to attend exercise classes and work as a group to achieve your goals.

6. Win The HealthyWage Bet!

  • You’ll need to film yourself getting weighed at the beginning and end
  • You can win your bet up to 2 weeks earlier than the end of the bet. If you lose all your weight anytime between 2 weeks prior to the end date all the way to the end date, Healthywage will pay you out earlier.

HealthyWage verifies weight loss with video weigh-ins or in-person weigh-ins at a doctor or well-known gym.

7. How Does HealthyWage Pay Out?

HealthyWage pays out either by PayPal or check.

The check option takes about 1-2 weeks to arrive in the mail. The PayPal option takes a few days, so you’ll get your prize money faster, but you’ll need to pay the 3 percent PayPal fee. I’d honestly just wait for the check in the mail. It’s the better option.

Who Can Use HealthyWage?

HealthyWage is available to residents of the :

  • United States
  • United Kingdom
  • Canada
  • Mexico
  • Latin America
  • Australia
  • Most of Europe
  • Most of Asia.

HealthyWage says that “if you are participating through an employer, you are generally allowed to participate regardless of your location in the world. Unless you are participating through your employer, you may not participate if you are a resident of”:

  • North Korea
  • Iran
  • Syria
  • Iraq
  • Saudi Arabia
  • Burma
  • Yemen
  • Afghanistan
  • Libya
  • Sudan and others.

You cannot enter if you’ve had bariatric surgery in the past year or if you are pregnant.

If you’ve entered before and won, your starting weight will be the winning weight of the last time you won. This is so you can’t keep gaining and losing weight and making new bets. It’s why this rule is called the Yo-Yo rule.

Monetize Your Life With HealthyWage

I’m all about monetizing my life and making money doing things I’m already doing or should be doing anyway. You should be monetizing your life as well.

If something is good for you and you can get paid to do it, why not?

HealthyWage Incentives

Without HealthWage, you only have 1 incentive to lose weight: to get healthier. With HealthyWage, you have two more.

  • 1). Your future health: Being healthier will save you on medical bills. You’ll feel better physically and gain more confidence as you look more fit.
  • 2). HealthyWage weight loss prize – Earn up to $10,000 losing weight. Isn’t that an incredible incentive? Imagine what you can do with $10,000.
  • 3). Loss aversion – The human mind hates losing money much more than it likes winning. Remind yourself of how much money your bet is and kick your exercise and dieting into high gear.
HealthyWage contestant: 128 pounds in 9 months. She won $1,323.
HealthyWage contestant: 128 pounds in 9 months. She won $1,323.

How Does HealthyWage Make Money?

HealthyWage pays you either via corporate or government sponsors, or simple from people who have lost HealthyWage bets.

I’m sure you can think of people in your life who have tried to lose weight but simply didn’t put in the work. HealthyWage isn’t a magic weight loss pill. It’s an incentive to go to the gym and diet.

Get Paid From Losing HealthyWage Bets

NPR asked HealthyWage what percent of people win their bet, and the founder said that 30-40 percent of people win their bet.

In the bet example above, I was offered a 11 percent return over 6 months. This shows that 1 in 9 people need to fail bets that are similar to mine in order for them to break even.

What percentage of people who are similar to me actually win these bets? I don’t know, but I would’ve assumed a much higher failure rate than 9 percent. After all, we make the same New Year’s Resolutions year after year and continue to make the same ones the next year.

Corporate Or Government Sponsors

HuffPo did an article on HealthyWage when they just started out in 2011. The Huffington Post mentions that insurers and data scientists buy up the results. They don’t buy your personal data, but look to see if certain financial incentives are better than others for losing weight.

  • Do bigger payouts make people more likely to win? Or do they feel large amounts of money are out of reach?
  • What is the optimal time period for someone to lose weight and not give up?
  • Are people more likely to lose weight if they pay their entire bet up front or in monthly amounts?

I can definitely see a health insurer wanting to know how much money they would have to offer you (or bet you) to make you lose weight. Maybe they’ll offer a certain amount of money back each year if you go to the gym and eat healthy.

Large corporations also have a huge incentive to convince their employees to lose weight and be healthier. Health insurance is a huge expense for employees. If they can plunk down $10,000 for a large company-wide weight loss competition, it might save them a ton on insurance premiums.

The government also has an incentive to convince people to lose weight. Medicare and the ACA cost taxpayers.

In general, the healthier we all get, the cheaper insurance is for all of us.

Make A HealthyWage Bet And Win Up to $10,000.

Help yourself out by getting healthy and earning money all in the same go. Stop making those weight loss resolutions year after year and failing because you didn’t have the right incentives. Get your ass in gear! Stop putting off losing weight and let this light a fire underneath you.

HealthyWage

Check Out HealthyWage

What do you guys think? Have you used them before?

Author: Olivia

Olivia worked in finance and wants you to learn the secrets of financial independence. She believes there are so many ways to monetize your life and make money doing the things you're already doing because so many companies offer free money.

The average savings account rate is 0.1%. The big banks have incredibly low savings accounts rates. CIT Bank offers a 1.75% savings account. You can open an account with just $100 and no monthly fees or charge . Tired of being charged fees and getting peanuts in interest at your current bank? Open a CIT Bank savings account in less than 15 minutes online.

If you have a car, Rideshare apps allow you to pick a direction you want to go twice a day, so you can get extra money going somewhere you were driving to anyway at least twice a day. Get a $300 sign-up bonus with Lyft.

One of my favorite ways ways of monetizing my life is via credit card bonuses with cards that give you cashback or rewards. Check out our review of the Chase Sapphire cards, which give you at least $500 in cash or $625 in travel credit.

4 thoughts on “HealthyWage: Make Money Losing Weight. Bet?

  1. To hell with the bragging rights for winning your corporate weight loss contests, this is a great motivator for getting healthy! Who else would you want to bet on besides yourself?

    I enjoyed your breakdown of the data behind the service, very insightful.

    Thanks for sharing!

    1. It is! The threat of losing the thousands of dollars you used to make that bet will hang over your head. Also, you’ll be scared to tell your wife/hubbie if you lose :0.

      Sadly they banned contests at work after there was a bet made if someone could run a marathon after being crazy hungover one morning. We watched him circle around central park for his 26 miles, with him stopping 3x to throw up. Where else will I get that kind of entertainment now?

  2. It’s an interesting concept – I might try it out. It would be fun to compete with my wife, unfortunately she’s ineligible because she’s pregnant.

    1. Give it a try! It’s a pretty cool concept, taking loss aversion to the next level. Your wife can join in after:). How far along is she? Boy or girl?

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Author: Olivia

Olivia worked in finance and wants you to learn the secrets of financial independence. She believes there are so many ways to monetize your life and make money doing the things you're already doing because so many companies offer free money.

The average savings account rate is 0.1%. The big banks have incredibly low savings accounts rates. CIT Bank offers a 1.75% savings account. You can open an account with just $100 and no monthly fees or charge . Tired of being charged fees and getting peanuts in interest at your current bank? Open a CIT Bank savings account in less than 15 minutes online.

If you have a car, Rideshare apps allow you to pick a direction you want to go twice a day, so you can get extra money going somewhere you were driving to anyway at least twice a day. Get a $300 sign-up bonus with Lyft.

One of my favorite ways ways of monetizing my life is via credit card bonuses with cards that give you cashback or rewards. Check out our review of the Chase Sapphire cards, which give you at least $500 in cash or $625 in travel credit.