UPBUILDING THE SELF

Goldman Sachs Bonus Day and the Entitled Ego

Have you ever wondered what really happens on bonus day at an investment bank? Hari Prasada interviews Michael about his article, Goldman Sachs Bonus Day and the Entitled Ego, and his intense experiences around receiving a bonus during his time at Goldman. They discuss the posturing that went into bonus day, the flimsiness of using compensation as a measure of self-worth, the suffering that comes from not feeling enough, and the key question, “Who would I be if I lost my money, job title, and status?” They conclude by offering concrete ways to go beyond the insecurities of the ego to become less reliant on extrinsic measures of self-worth and more in touch with our real selves.


Podcast Hosts: Michael Sloyer and Hari Prasada Das

Highlights

  • [3:20] The intensity of bonus day at Goldman Sachs 

  • [5:50] Promotions, compensation, and job titles as concrete measures that people use to measure self-worth

  • [6:40] A minute-by-minute description of bonus day

  • [12:45] The posturing that took place ahead of the bonus announcement

  • [14:30] “Managing down” as a strategy to lower expectations and increase happiness

  • [15:40] The flimsiness of using compensation to measure self-worth

  • [16:30] The strategy of showing dissatisfaction with the bonus to get paid more next year

  • [20:00] The correlation between ego and trust

  • [23:50] Mother Teresa’s insight that there is more suffering in the hearts of the wealthy people in NYC than people who are starving in Calcutta

  • [25:30] Michael’s reason for leaving Goldman to join Upbuild

  • [27:30] Thich Nhat Hanh’s insight that we are all suffering

  • [29:30] The question, “Who would I be if I lost my money, job title, and status?”

  • [30:50] Understanding and investing in our core qualities

  • [32:30] Hari Prasada’s fear about losing his worth and not being hireable after he became a monk

  • [35:30] The importance of being with people who call us to a higher level of consciousness

  • [38:00] Authenticity as an experience of the heart

Quotes

  • “This is about taking personal responsibility for how we have exported our sense of self-worth to extrinsic measures.” -Michael Sloyer

  • “In the wellspring of suffering, there is a ticket to climb out of the well.” -Hari Prasada Das

  • “We tend to look to numbers to help us measure our self-worth because we haven’t done the internal work to look deeper than the numbers.” -Michael Sloyer

  • “There is so much undiscovered suffering because of projection.” -Hari Prasada Das

  • “Unless we feel the pain, we won’t go to a place that is beyond the pain.” -Hari Prasada Das

  • “Who in my life really sees me for the real me?” -Michael Sloyer


For first timers, welcome to Upbuilding the Self

About the podcast: Two former monks, a former startup founder and CEO, and a former equity derivatives trader dive into how to be our best selves, free from the ego. Our egos are the identities we create for ourselves and wish the world to validate, but when we are not seen as we want to be, we feel insecure. This podcast lives at the intersection of leadership and spirituality. It will help you understand your ego and shed light on your inner world so that you can act with greater clarity, compassion, and the freedom to be your best self.