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Today is the first full day of the Consumer Financial Decision Making conference! I'll be sharing notes of talks here:

docs.google.com/document/d/1RR…

#CFDM2019
First up is a talk about what happens when consumers get a 'wealth shock' from mineral rights from Rawley Heimer.

"Is being poor because of bad decisions, or does being poor cause bad decisions"?

Reminds me of @dollarsanddata recent article:
ofdollarsanddata.com/the-poverty-my…
Basic gist:
- sub-prime individuals mostly used the shock to pay down debt, close revolving credit, improve credit scores.

- prime individuals took on more risk: higher mortgage balances, auto-loan balances, more risk taking.
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