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Fitness and finance, can you profit from your workouts?

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Most of us have good intentions to keep a fitness routine going but sometimes it take a bit of motivation. Some people have workout buddies to partner with but if you are motivated by money, here is a new approach that links your workout goals with your wallet.

It is called "GymPact" and it sets up a weekly "Pact", or personal contract for you to exercise or eat healthier. You set what you will pay to other Pact members if you don't complete your goal. And so in turn you will receive cash from others who don't reach their goal as a reward to you.

There are three types of "Pacts"; one for fitness or gym workouts, one for a food log and one for veggies. The Gym Pact can consist of any daily workout of 30 minutes, such as a bike ride or taking 10,000 steps a day or running. It can be set up to sync with your mobile phone app such as FitBit or other activity trackers.

The food log helps keep track of what you eat and partners with "MyFitnessPal". And the Veggie log keeps track of the fruits and vegetables that you eat during the day.

Activities are monitored using GPS and photos and other services to keep an honest record.

Rewards are based on individual goals and activities and then paid to members using Paypal.

The Pact is flexible to allow for breaks and interruptions due to medical issues.

The company was co-founded by Yifan Zhang and Geoff Oberhofer and is based in San Francisco. To learn more about the company and the membership benefits and services, see the link above or download the free app on iTunes.

Sounds like a great idea to be rewarded for a healthy lifestyle.

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