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Join Patrick Donohoe and Noah Kelsch on this episode of the Wealth Standard Radio as they talk about the post office becoming a bank, volatility in the markets, and personal motivations to improve.
The post office is fifty billion dollars in debt – and for most business, that would mean bankruptcy. However, instead the post office is considering taking on some of the services of a bank, such as quick lending. If you’re the postmaster general, this could seem like a great idea. You have banks all over the country, and it could be brilliant way to offset the debt that you have on the books. However, does it mean that the public will foot the bill (again) if their plan fails?
Patrick and Noah also talk about the volatility of the market, and why people continue to participate when they understand the odds but don’t understand what they’re doing. The hypothesize that our fundamental need for uncertainty pushes us to invest the same way some people like to gamble. They discuss the role of fear in our financial decisions and world-views.
Finally, Noah and Patrick talk about what helps them personally to improve. How important is personal development to you in your personal life? They discuss what motivates them to keep going and to keep meeting challenges and what stops other people from pursuing their goals. They also discuss what to do to start taking advantage of the opportunities that are all around us.