In recent years, a number of companies have emerged that allow people to bet on their own weight-loss success.
Keep reading to learn how this app works.
What exactly is HealthyWage all about?
In a nutshell, they focus on encouraging people to lose weight by placing bets on their own abilities.
HealthyWage has designed a program in which members agree to pay a predetermined amount of money on a monthly basis if they meet a predetermined weight loss goal.
So as a member, you will win the whole amount of money you bet” as well as any additional money you win if you accomplish or exceed the target you set for yourself at the beginning of the challenge.
There is a possibility of losing money because HealthyWage does not offer refunds and will not stop a challenge after it has already begun.
However, the potential loss is manageable. One of their sources of income is the products they sell.
On the other hand, they also gain money from private clients in the corporate and government sectors, in addition to administrative fees from certain types of competitions.
How does HealthyWage Work?
HealthyWage has a straightforward interface that consists of the following steps:
1. Pick your weight loss goal
Use the free Prize Calculator that HealthyWage provides to see how much money you stand to win based on the amount of weight you wish to lose.
The minimum percentage of your body weight that you want to lose should be at least 10%. A person who weighs 180 pounds, for instance, has to reduce their weight by at least 18 pounds.
Your objective should specify both the number of pounds that you want to shed and the number of months that you want to devote to achieving that goal.
In addition to this, you will decide how much money you wish to wager each month. You will observe that the prize range shifts both upwards and downwards in response to the changes you make to the variables.
2. Make your Bet and Verify your starting weight
After you have determined how much money you have won, you will then choose whether or not to make a wager. In that case, you will be prompted to input the information for your credit card.
You have the option of paying the entire balance at once or dividing it up into monthly installments.
Prior to the beginning of each challenge, users of HealthyWage are required to confirm their starting weight.
Downloading the HealthyWage mobile app allows you to have one of their referees remotely witness your weigh-in.
Alternatively, you may make a brief weigh-in video and send it securely to the HealthyWage website. These options are available to you in order to accomplish this goal.
A smartphone and a scale are the only pieces of additional equipment that are recommended for use with HealthyWage. During the course of the process, there will not be any additional weigh-ins.
HealthyWage does not monitor your progress and does not provide a mechanism for you to monitor your own success through either their website or their mobile app.
3. Drop those pounds and win
The challenge will come to an end on the date that has been designated. You only need to reach your weight loss goal within the allotted amount of time in order to be eligible for the reward.
At the end of the challenge, your weight will be checked in order to ensure that it has been consistent throughout. You will be eligible for the award if you are successful in reaching your target.
If you are unsuccessful, you will lose the money that you staked on yourself.
After completing a challenge successfully, you will be awarded HW points, which are worth $1 each. When you win, HW points will be credited to your account the same day.
Winners of the HealthyWage challenges can choose between a paper check and a PayPal payment.
Paper checks incur a $7.00 processing fee.
Although HealthyWage does not charge a fee, PayPal’s usual processing fees may be deducted from your payment.
More ways to make some cash with HealthyWage include:
1. $10,000 Team Challenge
Five-person teams compete for cash rewards by seeing who can reduce the most weight as a group. Winners will receive $10,000.
2 Jackpot Challenges
When you participate in a Jackpot challenge, either you or your team contributes to a shared pot. In the case of a team challenge, the pot is awarded to the group whose members have lost the greatest percentage of body weight throughout the course of the challenge.
3. Refer your Friends
Making positive lifestyle adjustments is more manageable when accompanied by supportive companions. As a member, you receive an additional $40 in prizes for every person you invite to join HealthyWager.
4. Step Challenge
Join a step challenge by linking your activity tracker. In order to win a piece of the prize pool, participants can compete either as individuals or as teams by meeting certain step targets.
HealthyWage is a great way to make money while also losing weight and getting healthy. The app is easy to use and has a variety of ways to make money.
The only downside is that you have to be willing to put up your own money as a bet, but if you are confident in your ability to lose weight, it is definitely worth it.
The app also has a great referral program for those who want to earn even more.