Watching TED videos----> questioning your chosen "life"?
I was browsing through some of the videos on TED.com (if you're unfamiliar with the site, then shame on you...) and began to notice a trend: every time I more than one or two of the videos, I begin to question the career route and outlook on life I'm taking. I see people who dedicate their lives to causes so inspiring, so exciting, and so meaningful, and frankly it's inspiring. I know jobs in IB, PE, VC, HF, MC etc, etc, etc are certainly not for the faint of heart, but I feel they're missing something.
I guess I just wanna know how people can come to justify their jobs and, even deeper, their roles in society as a banker, a hedge fund manager, or a consultant.
I thought I was the only one that thought this. In regards to importance, as of right now at least, paying off my school loans > the marginal improvement in how interesting the work would be if I decided to pursue a PhD and really go deep into a subject (I already find buy-side strategies pretty fascinating in themselves). I'm curious as to what other people think about this.
I think Maslows Heirarchy of Needs is more or less accurate.
http://en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs
We go through 5 stages of needs
stage 1 food, water, sex, sleep, excretion
stage 2 once that is satisfied, we need security of body, employment, family health property, resources
stage 3 than we look for friendship, family and intimacy
stage 4 than comes the need of giving and getting respect
stage 5 Finally we require self-actualization
Most people join IB, PE, VC, HF, MC etc, etc, during stage 1 or stage 2 of their lives
Some people after satisfying their needs of stage 1 and stage 2, go on to entrepreneurship or other careers so that they get time for love, intimacy etc etc.
And some people get stuck with their jobs and try to make meanings of their lives through philanthropy (so many high profile finance related guys tend to be philanthropists to satisfy the need of self-actualization.
True - Don't question too much and don't kid yourself - You choose finance for Money, then if you good at it you stay in the game for money and for the game!
You are not going to "save the world" or "inspire" people because you closed a deal...
TED is awesome but the speakers didn't wake up one morning and thought "hey, let s save the world" - 99% of the speakers paid "their dues" through an outstanding dediction and sacrifice.
OK - Now I want watch a TED video...
All great posts. I have actually thought about the stuff they discuss in these videos and love watching them. However, I will not dedicate my life to the "enlightened path" so to speak in the manner of my career. I will be in finance, however I think it is still fun to study the things discussed on TED such as philosophy english poly sci, whatever but it would not be a sufficient career path for me. Even though I like finance, sometimes I question the morality and actual worth of it. I feel like it is a little bit of an arbitrary career when you look at the big picture of humanity but I think it takes the right kind of people/person to actually have a career similar to those on TED. I like to think that just because I am in finance, it will not dominate my life and I can still have the interest to listen to these guys. Anyways, glad to see there are some other people on WSO who care about more than just their finance career and models&bottles.
Think of this short simple life framework:
Learn, earn, return.
During the learn phase you go to high school, college, first job, and graduate school. Its about 30 years, and you spend your time learning everything you can.
The earn phase comes next, and is the bulk of your career. You spend time earning money, building a family, taking on responsibility, earning respect from your peers, etc.
Return is the last phase. This is where you give away money, make new contributions to your field, help younger people or less fortunate people, etc.
Some people don't follow this framework, and that is fine. They might devote their lives to academia, or science, or the arts, or whatever. At the end of the day, you just might not have that much value to add in those areas. But if you spend your life accumulating wealth and contacts, you might be able to one day contribute to those endeavors in other ways, either through donations or through contacts you have met over the years.
Its good to be concerned about your life path, but just remember the long haul. Perhaps your path is to make money and eventually donate to foundations for art and science. This is something that needs to get done, and something that artists and scientists cannot currently do, since they are busy doing their own job. The above poster is absolutely right, the hierarchy of needs is a powerful force, and at the top of the pyramid we all need to find a way to make meaning out of our lives. So you might do it later in life, or in a different way than a TED speaker, but at you will feel the need and have the opportunity to do so at some point, so just hang in there til then.
Interesting perspective!!
I would just like to add that philanthropy can be anything - donation to research, helping poor people, funding societies to provide education in under-developed or developing economies , providing scholarships etc etc.
I recall reading a quote by Andrew Carnegie essentially promoting the same life model (first third to learning, second third to earning, and final third to giving back).
FinMgmt and Libor, enjoyed your perspectives. The long haul is I guess a good one to look at it, will keep scanning TED in the meantime....
I like this one. Makes me think about myself and how I used to play a ton of online games, which partially contributed to my 2.3cum GPA in undergrad.
My transformation has been unreal, and I never knew how to put it into words before. She somehow accurately captured how I feel/act on a daily basis. She attributed the development of 4 qualities in people to spending their time in online games.
Not only are they the same qualities I see in myself now, but they are the same qualities that I see in other analysts.
http://www.ted.com/talks/jane_mcgonigal_gaming_can_make_a_better_world…
Financial engineering has brought marvelous contributions to society. F.E. has really helped move society forward, some of its contributions are: Insurance (healthcare, life, etc), Credit (imagine if Henry Ford couldn't take a loan to build his dream factory), Risk distribution (spreading and mitigating among several parties so that if one party were to go bad the entire system doesn't fall apart), the accessibility of financial investment products (allowing pension funds and the average joe/jane to save for his/her retirement and allowing it to accrue and grow) and much much more.
Finance is a critical to everything, our jobs play a great role to society, although we may not see it. When a banker extends a loan to a guy like Henry Ford, he is not thinking "Wow, I just gave a loan to someone that will contribute to society by implementing efficient ideas that will create industries and jobs" -- the banker is thinking "Wow, I am going to make 6% premium on this 10 year loan relative to a benchmark and this guy I lent the money too has a squeaky clean credit history, the small risk is well worth the return". Were all thinking of ourselves in Finance, but in many ways were actually contributing to society.
The problem gets tricky with this recent recession where I would agree finance has went a little overboard. While I enjoy my yearly bonus, it looks really bad when your bank gets bailed out with tax payer money and there many unemployed.
In conclusion, sound finance is central to a healthy economy. But with all things moderation needs to be in play.
I agree that finance used to play a more prominent and prestigious role in society. Now however, someone working at an investment bank the size of Morgan Stanley or GS, they really do not contribute to society the same way a doctor, teacher, etc would. Finance has become such a large and ambiguous industry in the last half century that it has become so complex that most people won't even understand what you do, much less contribute to society. Finance is and was a large cornerstone of society, however the motivation behind it is usually not as justifying and socially gratifying as some other professions.
TED is awesome. That said those people are insanely smart and driven. A different kind of driven than finance folk have.
I hope to one day help finance, support, help stuff like TED. But for now you gots to do what your best at, and for most of us on here its finance/consulting etc path.
TEDtalks are awesome.
I highly recommend this video to all you monkeys out there: http://www.ted.com/talks/nigel_marsh_how_to_make_work_life_balance_work…
Finance and banking are vital parts of an economy, on which all other science, technology, and inspiration is cultivated.
Finance is important and plays major contributions but it needs its bounds.
Hold on...
Ok, done laughing.
The individuals speaking for TED are actually highly intelligent and innovative. They have the capability to do what they do.
Have you worked in IBD? The vasssssttttt majority of folks are dull and of pretty average intelligence. What makes you think that many are capable to do what these people are doing?
The very intelligent and innovative among IBD do not stay long at all. You'll here about "this former banker" or that"former banker" becoming an entrepreneur and they are almost always in their mid to late twenties. The truly bright flee IBD.
Most people in IBD couldn't run a corner Bodega let alone save the world even if they had dictatorial powers over the globe. That's the truth.
Wheres the Retweet button when you need it?
Agreed. Why do you think that most hedge funds, PE, and elite trading firms are looking for PhDs in Physics and Engineering rather than Finance?
I'm sure the average quantum physicist would laugh at "complex" valuation and portfolio modeling. Not saying that bankers/asset managers are not smart, it's just that not every genius' biggest concern in life is becoming a millionaire in the finance industry.
Jesus fucking Christ not this shit again.
Y'all need to get job offers first and at least work for a year, then decide if you like it or not. A year will not kill you but will open so many doors. Also it's not like y'all will be saving the World straight out of college. Dont fool yourself; chances are, either way you'll waste your time on working on weekdays and getting drunk/watching TV on weekends.
analystonsmack doesn't know what he is talking about. There are plenty of very intelligent MDs. They are not making hundreds of millions, but they are the first people whom CEOs/CFOs//PE managers call when shit hits the fan.
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