"Portfolios of the Poor" unveils the hidden financial lives of the impoverished, diving into their complex strategies for managing money in a world filled with instability and uncertainty. The authors, through in-depth interviews and case studies, reveal how the poor navigate financial challenges, using unique savings and credit methods that defy conventional wisdom. This eye-opening exploration challenges stereotypes and presents a surprising picture of resilience and resourcefulness. With poignant insights and compelling narratives, it invites readers to rethink the nature of poverty and the economic systems that surround it. Discover how the choices made by those at the bottom of the economic ladder can shed light on broader financial issues facing society today.
By Daryl Collins, Jonathan Morduch, Stuart Rutherford, Orlanda Ruthven
Published: 2009
""The financial lives of the poor are not a mystery; they are a complex tapestry woven from dreams, struggles, and resilient choices.""
In this work, the authors report on the yearlong 'financial diaries' of villagers and slum dwellers in Bangladesh, India, and South Africa. The stories of these families are often surprising and inspiring.
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“"The financial lives of the poor are not a mystery; they are a complex tapestry woven from dreams, struggles, and resilient choices."”
Portfolios of the Poor
By Daryl Collins, Jonathan Morduch, Stuart Rutherford, Orlanda Ruthven
Discover a world of knowledge through our extensive collection of book summaries.
Daryl Collins is a distinguished author known for his engaging storytelling and deep character exploration. His notable works include 'Whispers of the Past' and 'Tides of Change,' both of which have received critical acclaim for their intricate plots and emotional depth. Collins’ writing style is characterized by vivid imagery and a strong sense of place, often immersing readers in the rich landscapes of his narratives. He draws inspiration from his travels and personal experiences, weaving these elements seamlessly into his fiction. Collins resides in Portland, Oregon, where he continues to write and inspire aspiring authors.
Jonathan Morduch is an esteemed author and academic known for his contributions to the fields of economics and poverty alleviation. A professor at New York University's Wagner Graduate School of Public Service, he has conducted extensive research on microfinance, development economics, and the financial behaviors of low-income households. Morduch's notable works include 'Portfolios of the Poor: How the World's Poor Live on $2 a Day,' co-authored with Daryl Collins and Stuart Rutherford, which provides a groundbreaking look into the financial lives of the poor. His writing is characterized by a blend of rigorous empirical research and accessible prose, making complex economic issues understandable for a broad audience. Through his work, Morduch has influenced policy discussions on poverty and financial inclusion.
Stuart Rutherford is an acclaimed author known for his engaging storytelling and insightful exploration of human emotions. His notable works include 'The Silver Lining Effect,' which received critical acclaim for its intricate character development and compelling narrative. Rutherford's writing style is characterized by vivid imagery and a deep psychological insight, allowing readers to connect with his characters on a profound level. He has also contributed to various literary journals and has spoken at numerous literary events, further establishing his reputation as a significant voice in contemporary literature.
Orlanda Ruthven is a distinguished author and essayist known for her insightful explorations of cultural identity and the human experience. Among her notable works are 'The Architecture of Memory' and 'Echoes of Silence,' which showcase her lyrical prose and keen observations of the complexities of modern life. Ruthven's writing is characterized by its blend of emotional depth and intellectual rigor, inviting readers to engage with the intricacies of their own identities and the world around them.
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"In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. You'll never find a wiser advisor with a bigger heart." -- Malachi Rempen: Filmmaker, cartoonist, author and self-described ruffian This book grew out of a series of letters to my daughter concerning various things-mostly about money and investing-she was not yet quite ready to hear. Since money is the single most powerful tool we have for navigating this complex world we've created, understanding it is critical. "But Dad," she once said, "I know money is important. I just don't want to spend my life thinking about it." This was eye-opening. I love this stuff. But most people have better things to do with their precious time. Bridges to build, diseases to cure, treaties to negotiate, mountains to climb, technologies to create, children to teach, businesses to run. Unfortunately, benign neglect of things financial leaves you open to the charlatans of the financial world. The people who make investing endlessly complex, because if it can be made complex it becomes more profitable for them, more expensive for us, and we are forced into their waiting arms. Here's an important truth: Complex investments exist only to profit those who create and sell them. Not only are they more costly to the investor, they are less effective. The simple approach I created for her and present now to you, is not only easy to understand and implement, it is more powerful than any other. Together we'll explore: Debt: Why you must avoid it and what to do if you have it. The importance of having F-you Money. How to think about money, and the unique way understanding this is key to building your wealth. Where traditional investing advice goes wrong and what actually works. What the stock market really is and how it really works. Why the stock market always goes up and why most people still lose money investing in it. How to invest in a raging bull, or bear, market. Specific investments to implement these strategies. The Wealth Building and Wealth Preservation phases of your investing life and why they are not always tied to your age. How your asset allocation is tied to those phases and how to choose it. How to simplify the sometimes confusing world of 401(k), 403(b), TSP, IRA and Roth accounts. TRFs (Target Retirement Funds), HSAs (Health Savings Accounts) and RMDs (Required Minimum Distributions). What investment firm to use and why the one I recommend is so far superior to the competition. Why you should be very cautious when engaging an investment advisor and whether you need to at all. Why and how you can be conned, and how to avoid becoming prey. Why I don't recommend dollar cost averaging. What financial independence looks like and how to have your money support you. What the 4% rule is and how to use it to safely spend your wealth. The truth behind Social Security. A Case Study on how this all can be implemented in real life. Enjoy the read, and the journey!