Why a Biggest Loser Finalist Gave Up the Chance to Win $250,000

"You can't buy thin."

That's what Colby Wright is known for saying in the premiere of The Biggest Loser: Temptation Nation. But on Monday, the reality weight-loss competition finalist gave in to his final temptation: $50,000.

Wright had fought his way into the finals alongside fellow contestants Roberto Hernandez and Stephen Kmet, and all three were in contention to win the $250,000 grand prize on Monday night's finale.

And though every pound counts when the contestants weigh in to see who lost the largest percentage of body weight, Wright, 31, took on a disadvantage of 3-lbs. – which has made the difference between winning and losing in many past seasons – in exchange for $50,000.

"Growing up with a rodeo background, if I could win second or third place at every event, that's better than winning first every so often," Wright tells PEOPLE of effectively deciding to take himself out of the running for the title of The Biggest Loser. "I thought, 'If they are willing to give me some money, I'm going to go ahead and take it and let the cards just fall as they will.' "

Why a Biggest Loser Finalist Gave Up the Chance to Win $250,000| The Biggest Loser, TV News

Wright – who started the season at 339 lbs. – went on to weigh-in at 217. But his 122-lb. weight loss was not enough to beat Kmet's 133-lb. weight loss nor Roberto's winning 160-lb. weight loss.

"But I feel like I'm already a winner. I feel great. I couldn't be happier," says Wright, who already has plans for his cash prize. "I'll be debt free, and have a cushion. This whole thing is about getting ahead in life and now I'm healthy and this will just give me a boost financially."

When asked why he finally decided to give into financial temptation, Wright is quick to point out that he has already feels like he fulfilled his "purpose" of being a contestant on the show.

"We touched some lives here," says Wright, who revealed in the finale that a viewer had admitted to him that they had been deterred from committing suicide after watching him on the show. "And that's what it is all about."