If you’re a Dubaiyan…Dubaiiyian? If you’re a Dubaian, you’ve got the opportunity of a lifetime: the Your Weight In Gold program will give registered participants one gram of gold for every kilogram of weight lost. That’s about $40 a kilogram, which isn’t much to sneeze at, especially when gold is at an extreme low right now and is poised to gain again eventually. The event is set to correspond with the holy month of Ramadan, when adherents fast during daylight hours. This might seem like an easy time to lose weight, but it’s actually the opposite: healthy Muslims generally gain weight during Ramadan.
If you’re thinking you might sign up and lose a Mohammedload of weight and rake in the gold, be aware that a kilogram per week is about all a person can do and stay healthy. The average person weighs somewhere around 70kg, so if you plan on making a grand off the Weight In Gold competition, you’ll have to part with arms and legs to get there.
It turns out that financial incentives for losing weight are actually quite effective — so much, though, that when the incentive disappears the weight often comes back. Apparently people don’t get the “diabetes and heart disease are really expensive” part of the equation. As an investment model, though, check out the similarity: people are more likely to make an investment that has a quantifiable, quick return than to a undefined future return that might be greater in the long run. ”Why should I put my 401(k) is safe index funds — the economy is returning as we speak, put it in stocks for a quick return now!”
Your Weight In Gold might not be much more than a Stanford Prison Marshmallow Experiment but with precious metals, but it might do some good in the short term — and there’s ways to get money by losing weight elsewhere, too. HealthyWage is the most explicit in this: join a team, lose weight, and get paid. In the UK, WeightWins does about the same thing. HealthyLoser doesn’t guarantee payment, but you could win a lot more in their weight-loss lottery. Less direct, give your health insurance company a call: many are giving cash rewards for people to go to the gym. If you’ve got life or cancer insurance, too, check with them as well — they all benefit from you not dying too soon. Because your employer foots part of your insurance bill, companies are jumping in and doing the same, in hopes of reducing their premiums. The service Spott3r helps make sure you exercise and get your reimbursement perk, so signing up there might help ensure success. A wise investor never leaves money on the table, and if you’re failing to lose weight, there’s money in it for you, which, if you really, really want gold, you can take and turn into precious metals, just like Dubians…Dubuiians? Whatever they’re called in Dubai.