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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:…

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:…
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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