What Motivates You?
For a variety of reasons, both personal and professional, I've recently given a great deal of thought to the concept of motivation.
A friend of mine recently proclaimed his belief that what best motivates people are incentives. Money, power, title, and various other perks. He argued that, at their heart, people are most motivated by tangible outcomes, with financial compensation being the most effective.
While this sounds fairly obvious on its face, I'm not sure that I agree. Yes, money and power are fantastic motivators. But, I'd argue that there is an even more powerful motivating force. One that, when properly channeled, can push you much further than money or the promise of a promotion. What is that motivating force?
Adversity.
Adversity comes in a variety of forms. You could face adversity in the form of a rough upbringing. Rising from poverty to accomplish something. Be it a job in finance or another lucrative profession, the challenge of a difficult past can drive people to greatness.
Knowing what it feels like to be at the bottom can serve as a stark motivator. Look at someone like Jay Z, "from Marcy to Madison Square," the projects to the Boardroom.
Or someone like Carl Icahn, who didn't necessarily grow up dirt poor, but nevertheless rose from a relatively obscure and common upbringing to become a titan of finance. Look around...there aren't a whole lot of hedge fund kingpins who grew up with a silver spoon in their mouths.
I think of my beloved New York Giants, who twice in five years channeled adversity to make Super Bowl runs. In 2007 in particular, they ran the "nobody believes in us" train straight through the Super Bowl to defeat the previously unbeaten Patriots and win an incredibly improbable championship.
Adversity comes in many forms. It can be as daunting and obvious as growing up in a rough neighborhood to as personal and specific as a rejection email from your dream company. At some point or another, we all face some form of adversity. What's important is how you channel it. Do you let it put you down or do you use it to drive you forward.
Personally, my motivations have changed a great deal over time. When I was younger, I was primarily driven by money. I assumed, foolishly, that making good money was of paramount importance. No doubt money still plays a role in my motivations, and a reasonably significant one at that, but it's not the most important factor. As I've gained professional experience and spent some time in real world, I've become more motivated by the idea of spending time doing things that I really enjoy doing. Again, money plays a role, but I'd gladly do something I enjoy for a little less money than something I despise. Given how little time we actually have, we ought to at least spend it doing things we like doing, right?
Yes...to a degree. I'd argue that following this thought process will go a long way towards making you a happy person in your professional life. But, if you're a truly ambitious person, you're going to need something more. If you want to achieve some level of greatness in whatever tasks you've set out to accomplish, you will need something more powerful to drive you. You will need some sort of adversity.
In my younger days I would have denied this. I believed that cash compensation was the end-all, be-all. But, after getting a few decent paychecks and working in technically prestigious roles, you can find yourself to be content quite quickly. Decent sized paychecks can quell the desire to rake in the big bucks and deter you from pursuing alternate fulfilling routes. Without some sort of adversity, some force telling you that you can't accomplish something, you'll be hard pressed to do the work required to go above and beyond your goals.
While accomplishing your goals, doing interesting and lucrative work, and enjoying the ride are all important and wonderful things. They're all made a bit sweeter and you'll likely go a lot further when you do so in the face of adversity.
Or, to put it more succinctly...
_______________________________________________________
What motivates you? How have your motivations shifted over time? Do you agree with my thesis on adversity? Let me know in the comments.
Comments
Originally I wanted to rule
Originally I wanted to rule the world. This hasn't changed much, though now I see finance as the way to rule the world, where as before I had seen the military as the best route to world domination.
“...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
- Schopenhauer
TheKing: there aren't a whole
there aren't a whole lot of hedge fund kingpins who grew up with a silver spoon in their mouths.
How do you define silver spoon? Is a silver spoon simply having objectively wealthy parents or someone that provided you all of your basic needs?
Either way, I'm still going to say money. Here is my thought experiment: if I took away all of your money, how would your life be?
You could make the argument you could make it all back. I'm willing to bet though every second of every day, you would be thinking about money - nothing else. By that simple case, money is in fact the driving force of everything I (most people) do.
Making sure my son has food
Making sure my son has food to eat.
target for
there aren't a whole lot of hedge fund kingpins who grew up with a silver spoon in their mouths.
How do you define silver spoon? Is a silver spoon simply having objectively wealthy parents or someone that provided you all of your basic needs?
Either way, I'm still going to say money. Here is my thought experiment: if I took away all of your money, how would your life be?
You could make the argument you could make it all back. I'm willing to bet though every second of every day, you would be thinking about money - nothing else. By that simple case, money is in fact the driving force of everything I (most people) do.
I mostly agree with this statement, but I think something that needs to be determined first is:
Why do we want money?
I mean basic security is fine and is probably pretty easy to procure in life, but why do we as society always seem to be so conceited as to believe that we always deserve more?
"History doesn't repeat itself, but it does rhyme."
This is so true. Well said.
This is so true. Well said.
I didn't even read what you
I didn't even read what you wrote, but gave you a +1 SB for the clip. Ok, time to actually read your post.
EDIT: So I've read your post and you still deserve the SB. You should consider adding "Let me tell you of the days of high adventure!" to the beginning of your post in bold.
target for
there aren't a whole lot of hedge fund kingpins who grew up with a silver spoon in their mouths.
How do you define silver spoon? Is a silver spoon simply having objectively wealthy parents or someone that provided you all of your basic needs?
Either way, I'm still going to say money. Here is my thought experiment: if I took away all of your money, how would your life be?
You could make the argument you could make it all back. I'm willing to bet though every second of every day, you would be thinking about money - nothing else. By that simple case, money is in fact the driving force of everything I (most people) do.
I feel as though you may have missed my point. Perhaps I wasn't as clear as I needed to be. But, what I was getting at is that money alone will only get you so far. While there may be a small sliver of the population that is driven to extremes by the promise of 7-figure paychecks alone, I believe that to truly achieve things that far surpass your wildest expectations, you need something more.
I don't know if you've spent any time in the work force or in banking or if you're a student, so it's hard for me to gauge where you're at. But, I can tell you from personal experience and from knowing a ton of people in and out of the industry, that once you start making decent money, the drive to earn more and more subsides. As I recall, studies have shown that one's personal happiness on account of money is maximized at $70,000 per year. Making more than that won't necessarily make you a happier person. And once you've built up a decent savings that lets you live reasonably comfortably, you'll start to focus on different things and will get comfortable.
Again, I want to be clear, money is most certainly an important motivating factor. I'm arguing that money alone often can only drive you to a certain point. Your response is somewhat of a straw man because I never implied that people would be just as happy with or without money. No one would argue that at all. I'm arguing that going to the next level of success requires something deeper.
And when I speak of adversity, you must recognize that it comes in many forms. It's all relative and is often extremely subjective.
Check out my WSO Blog
streetwannabe: target for
there aren't a whole lot of hedge fund kingpins who grew up with a silver spoon in their mouths.
How do you define silver spoon? Is a silver spoon simply having objectively wealthy parents or someone that provided you all of your basic needs?
Either way, I'm still going to say money. Here is my thought experiment: if I took away all of your money, how would your life be?
You could make the argument you could make it all back. I'm willing to bet though every second of every day, you would be thinking about money - nothing else. By that simple case, money is in fact the driving force of everything I (most people) do.
I mostly agree with this statement, but I think something that needs to be determined first is:
Why do we want money?
I mean basic security is fine and is probably pretty easy to procure in life, but why do we as society always seem to be so conceited as to believe that we always deserve more?
This is all the biggest smoke up a skirt I have seen. Hedge fund managers are most certainly in the business of making money -- that is a given. But, where I differ in opinion, is how they view the act of "making money".
If you are a successful HF manager, what is another million in your bank account? Does it really matter? Simply, no. Every penny these guys are squeezing out of the markets, comes from one desire at their inner core -- relative performance.
While the extra million in their bank account may make them feel good for a hot five seconds, it is what that extra million bucks signifies that is important. Another million in a bonus can be traced back to a successful year, whether that is earning another percentage point annually, or beating out the next closest guy by a basis point. Each and every move these guys make is based off of beating their peers. Pure and simple.
It's not about money. If Ackman and Paulson were earning 100k a year and I was earning 105k, I'll tell you what, I'd be happy. In the end, everything in finance is a dick measuring contest.
Your peers, whether friends,
Your peers, whether friends, neighbors or schoolmates. A lot of your inner-drive is your fear of not falling to the back of the pack. Ever been in a long line at the grocery store and then they open a new checkout lane? It's that feeling when the people behind you in line run up in front of you to get ahead of you.
TheKing: target for
there aren't a whole lot of hedge fund kingpins who grew up with a silver spoon in their mouths.
How do you define silver spoon? Is a silver spoon simply having objectively wealthy parents or someone that provided you all of your basic needs?
Either way, I'm still going to say money. Here is my thought experiment: if I took away all of your money, how would your life be?
You could make the argument you could make it all back. I'm willing to bet though every second of every day, you would be thinking about money - nothing else. By that simple case, money is in fact the driving force of everything I (most people) do.
I feel as though you may have missed my point. Perhaps I wasn't as clear as I needed to be. But, what I was getting at is that money alone will only get you so far. While there may be a small sliver of the population that is driven to extremes by the promise of 7-figure paychecks alone, I believe that to truly achieve things that far surpass your wildest expectations, you need something more.
I don't know if you've spent any time in the work force or in banking or if you're a student, so it's hard for me to gauge where you're at. But, I can tell you from personal experience and from knowing a ton of people in and out of the industry, that once you start making decent money, the drive to earn more and more subsides. As I recall, studies have shown that one's personal happiness on account of money is maximized at $70,000 per year. Making more than that won't necessarily make you a happier person. And once you've built up a decent savings that lets you live reasonably comfortably, you'll start to focus on different things and will get comfortable.
Again, I want to be clear, money is most certainly an important motivating factor. I'm arguing that money alone often can only drive you to a certain point. Your response is somewhat of a straw man because I never implied that people would be just as happy with or without money. No one would argue that at all. I'm arguing that going to the next level of success requires something deeper.
And when I speak of adversity, you must recognize that it comes in many forms. It's all relative and is often extremely subjective.
It's funny. I know whenever I read or hear about some entrepreneur who struck it big and had an idea and business just explode it followed a period when they were right at the edge of solvency or down to their last few leads etc. I've noticed that passion and fear of failure, when paired with some type of adversity, seems to really separate the winners and losers. Very few have the sheer will to succeed followed up with the love of whatever it is their doing to really strike it big. I know plenty of people who make great money doing things they aren't passionate about, but I've never really met anyone who isn't passionate about what they do who struck it truly rich. I think it's pretty obvious that success and comfort breeds complacency, something we as America is dealing with right now (although we are actually just punting and calling it a scoring drive).
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Super Bowl 42 was truly the
Super Bowl 42 was truly the most magnificent sporting event I have ever witnessed, and many still refuse to accept it. Even when we did it all again 4 years later, nothing else compares. I still watch the commemorative DVD for a pick-me-up, and I maintain that the Giants must have listened to Al Pacino's speech from Any Given Sunday before gametime that night.
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TableTopper: streetwannabe:
there aren't a whole lot of hedge fund kingpins who grew up with a silver spoon in their mouths.
How do you define silver spoon? Is a silver spoon simply having objectively wealthy parents or someone that provided you all of your basic needs?
Either way, I'm still going to say money. Here is my thought experiment: if I took away all of your money, how would your life be?
You could make the argument you could make it all back. I'm willing to bet though every second of every day, you would be thinking about money - nothing else. By that simple case, money is in fact the driving force of everything I (most people) do.
I mostly agree with this statement, but I think something that needs to be determined first is:
Why do we want money?
I mean basic security is fine and is probably pretty easy to procure in life, but why do we as society always seem to be so conceited as to believe that we always deserve more?
This is all the biggest smoke up a skirt I have seen. Hedge fund managers are most certainly in the business of making money -- that is a given. But, where I differ in opinion, is how they view the act of "making money".
If you are a successful HF manager, what is another million in your bank account? Does it really matter? Simply, no. Every penny these guys are squeezing out of the markets, comes from one desire at their inner core -- relative performance.
While the extra million in their bank account may make them feel good for a hot five seconds, it is what that extra million bucks signifies that is important. Another million in a bonus can be traced back to a successful year, whether that is earning another percentage point annually, or beating out the next closest guy by a basis point. Each and every move these guys make is based off of beating their peers. Pure and simple.
It's not about money. If Ackman and Paulson were earning 100k a year and I was earning 105k, I'll tell you what, I'd be happy. In the end, everything in finance is a dick measuring contest.
I totally understand the performance and self fulfilling amounts of ego that comes in beating the industry and your peers. However what I'm speculating on is this;
Why do people measure their success in money the way we do? It's an honest question that may seem to divert the purpose of this thread, but it seems to me that many people dismiss it as just an inevitability of society.
I understand that the best in finance are their to compete; but were they always like that? I mean I am going into the job force hopefully soon and would consider working at a HF someday given the chance. I want to do well, but do I want to rule the world? No.
Also, if the HF guys really don't care after they have amassed their millions, then why do they continue to take such large cuts of their profits? The pay discrepancies between the PMs and the lowly analysts is pretty large I would think.
"History doesn't repeat itself, but it does rhyme."
First off, if someone hasn't
First off, if someone hasn't encountered adversity, they haven't achieved anything. If some guy's Dad already works on the Street, can get him an interview with a quick phone call, and this kid just spits out answers to technical questions that he already knew about in advance because of social networks that he was born into... this isn't achievement... this is inheritance. The kid in said circumstance has no real agency in this said process; indeed, when you factor in social pressure, the inherently insular nature of the bubbles that most rich people live in that would prevent one from discovering what else is out there... I would actually argue that it would be harder for the kid NOT to get a job in investment banking than the other way around.
To address the spirit of your post, I think if you're looking for some greater, transcendental element that will spice up life and really push you to the next level... find a cause. Everyone from obscure Chinese philosophers to Teddy Roosevelt to David Brooks have agreed that living a virtuous and meaningful live really just entails submerging oneself in greater goal or purpose that they believe in. I would start a website that arbitrarily tells people what causes they should believe in, but Obama's campaign really has me beat.
If you have to make a concerted effort to find some adversity in your life, you're either delusional or stagnating.
I think money motivates me
I think money motivates me the best, but from a competitive standpoint than a greed or "rich status" motivation. If I worked my ass of and got a great bonus from my firm, then I have a tangible realization of working my ass off and outperforming my peers.
I've had to climb up the shit
I've had to climb up the shit hill numerous times in life, but I'm convinced that adversity is not necessary or even beneficial towards being ambitious. In fact, I'd argue that lack of adversity is far more constructive, all else being equal. I would say the greatest contributor of aspiration is none other than inspiration. When you're surrounded by people who have achieved some extraordinary things in their lifetime, but aren't the slightest bit smarter than you are, you begin to internalize that there's so much more within your realm of possibility and you break down all mental barriers that you might have. I must admit, I wasn't the least bit ambitious until I had a chance to engage in meaningful set of conversations conversations with some prominent political and business figures about half a decade ago- that truly changed my life far more than my relatively disadvantaged background.
"I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."
I 100% agree. Once you can
Make opportunities. Not excuses.
Long term motivation: I'd say
CNBC sucks
"This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up
WSRenaissanceMan: But not
Macro Arbitrage: I've had to
To crush pussy.
target for
Make opportunities. Not excuses.
Fear
'Before you enter... be willing to pay the price'
My motivation is being the
While obviously money is a
I would agree with you, but then we'd both be wrong.
The CEO of AIG, Bob
"If it were easy, everyone would do it"
It seems odd to say this, but
Human beings are motivated by
It's not about the money. It's about the game between people.
My two cents here - money as
See my WSO blog
I grew up a filthily
There could be someone (or
---------------------------
BossMode
(No subject)
Adversity is definitely a
Chip on the Shoulder
Turbo leverage for capital explosion -- BD Capital
My WSO Blog
"Why Do The Mega Rich
Make opportunities. Not excuses.
OP, u sound very middle
How big is yours?
Where's prestige pete?
"I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."
Ichan: Human beings are
SirTradesaLot: Chip on the
Check out my WSO Blog
Great article, thanks for the
I'm motivated by my dream of
"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
If I'm being honest, what
Head of Metal Website: www.headofmetal.com
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SirTradesaLot: Chip on the
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
Passion for the industry, and
Fantastic post. Loved it.
I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature. -John D. Rockefeller
While finding motivation is
owning
I agree with many points of
Finance only to get the
What separates success from
Vaginas motivate me